Birth: 1938 Death: January 24, 2011
Long term debt and bank debt (including off-balance sheet financing must be judiciously employed. There must be room to expand the debt position if r….
If it is cheap enough, we don't care what it is..
To put money into anything, anywhere, provided that the downside is measurable and acceptable and the chances of a good profit appear to be better th….
I’m lucky to have the kind of life where the differentiation between work and play is absolutely zilch. I have no idea whether I’m working or whether….
Just as many smart people fail in the investment business as stupid ones. Intellectually active people are particularly attracted to elegant concepts….
One of the dangers about net-net investing is that if you buy a net-net that begins to lose money your net-net goes down and your capacity to be able….
We always look at the margin of safety in the balance sheet and then worry about the business..
The most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this c….
Why will someone sell you a dollar for 50 cents? Because in the short run, people are irrational on both the optimistic and pessimistic side..
I try to keep in mind Oscar Wilde's comment that "saints always have a past and sinners always have a future," so no investment should be ruled out s….
When a stock doubles, sell half - then what you have is a free position. Then it becomes more of an art form. When you sell depends on individual cir….
Protect the downside. Worry about the margin of safety..
Sooner or later, the market will do what it has to do to prove the majority wrong..
The difference between the price we pay for a stock and its liquidation value gives us a margin of safety. This kind of investing is one of the most ….
There is always something to do. You just need to look harder, be creative and a little flexible..
They really can’t afford to be contrarians. A major investment house can’t afford to do research for five customers who won’t generate a lot of commi….
I suspect that my thinking is an eclectic mix, not pure net-net because I couldn’t do it anyway so you have to have a new something to hang your hat ….
The price earning multiple must be less than ten or the inverse of the long term corporate bond rate, whichever is the less..
What differentiates us from other money managers with a similar style is that we’re comfortable with new lows..
Curiosity is the engine of civilisation.
The share price must be less than book value. Preferably it will be less than net working capital less long term debt..