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 I’m playing.

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 than 50%. I will not take gambles, but it is part of my job description to be ready to take very carefully calculated risks.

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

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 character and competence of the management and to estimate the outcome if the whole business had to be turned into cash.

The most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this characteristic.

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

The company must be paying dividends. Preferably the dividend will have been increasing and have been paid for some time.