The price earning multiple must be less than ten or the inverse of the long term corporate bond rate, whichever is the less.

Sooner or later, the market will do what it has to do to prove the majority wrong.

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 simply on the basis of past history. We focus on liquidation analysis and liquidation analysis alone.

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 on. But the framework stays the same.

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 effective ways of achieving good long term results.

The price earning multiple must be less than ten or the inverse of the long term corporate bond rate, whichever is the less.

We do liquidation analysis and liquidation analysis only.