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.

Protect the downside. Worry about the margin of safety.

Long term debt and bank debt (including off-balance sheet financing must be judiciously employed. There must be room to expand the debt position if required.

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.

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.

Curiosity is the engine of civilisation

All we try to do is buy a dollar for 40 cents.