One of the dangers about net-net investing is that if you buy a net-net that begins to lose money your net-net goes down and your capacity to be able to make a profit becomes less secure. So the trick is not necessarily to predict what the earnings are going to be but to have a clear conviction that the company isn't going bust and that your margin of safety will remain intact over time.

Protect the downside. Worry about the margin of safety.

There is almost always a major blip for whatever reason and we have learnt to expect it and not to panic.

There is always something to do. You just need to look harder, be creative and a little flexible.

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

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

Why will someone sell you a dollar for 50 cents? Because in the short run, people are irrational on both the optimistic and pessimistic side.