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.

Try to pick a fund manager who has a well-defined strategy, has been through these things before, and go invest and stay with him.

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

We always look at the margin of safety in the balance sheet and then worry about the business.

Protect the downside. Worry about the margin of safety.

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

I bought stuff at 3.5 cents once and I thought it can’t go down to zero. It can.