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.

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

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

What differentiates us from other money managers with a similar style is that we’re comfortable with new lows.

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

Curiosity is the engine of civilisation