I bought stuff at 3.5 cents once and I thought it can’t go down to zero. It can..

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….

I think that intelligent forecasting (company revenues, earnings, etc.) should not seek to predict what will in fact happen in the future. Its purpos….

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….

We do liquidation analysis and liquidation analysis only..

There will be losing years; but if the art of making money is not to lose it, then there should not be substantial losses..

All we try to do is buy a dollar for 40 cents..

There is almost always a major blip for whatever reason and we have learnt to expect it and not to panic..

The price must be less than one half of the former high and preferably at or near its all time low..

You find bargains among the unpopular things, the things that everybody hates. The key is that you must have patience..

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….

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 paying dividends. Preferably the dividend will have been increasing and have been paid for some time..