Birth: 1938 Death: January 24, 2011
In every analysis you need to isolate what the real assets are and you must not forget to examine the franchise to do business, to review the charact….
Try to pick a fund manager who has a well-defined strategy, has been through these things before, and go invest and stay with him..
The company must be profitable. Preferably it will have increased its earnings for the past five years and there will have been no deficits over that….
There will be losing years; but if the art of making money is not to lose it, then there should not be substantial losses..
To my knowledge there are no good records that have been built by institutions run by committee. In almost all cases the great records are the produc….
There is almost always a major blip for whatever reason and we have learnt to expect it and not to panic..
We do liquidation analysis and liquidation analysis only..
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..
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..