What differentiates us from other money managers with a similar style is that weโre comfortable with new lows.
Peter CundillThe share price must be less than book value. Preferably it will be less than net working capital less long term debt.
Peter CundillI 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 simply on the basis of past history. We focus on liquidation analysis and liquidation analysis alone.
Peter CundillTo put money into anything, anywhere, provided that the downside is measurable and acceptable and the chances of a good profit appear to be better than 50%. I will not take gambles, but it is part of my job description to be ready to take very carefully calculated risks.
Peter Cundill