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….

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….

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

We always look at the margin of safety in the balance sheet and then worry about the business..

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..

If it is cheap enough, we don't care what it is..

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….

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..