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 difference between the price we pay for a stock and its liquidation value gives us a margin of safety. This kind of investing is one of the most effective ways of achieving good long term results.

I think that intelligent forecasting (company revenues, earnings, etc.) should not seek to predict what will in fact happen in the future. Its purpose ought to be to illuminate the road, to point out obstacles and potential pitfalls and so assist management to tailor events and to bend them in a desired direction. Forecasting should be used as a device to put both problems and opportunities into perspective. It is a management tool, but it can never be a substitute for strategy, nor should it ever be used as the primary basis for portfolio investment decisions.

The company must be profitable. Preferably it will have increased its earnings for the past five years and there will have been no deficits over that period.

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.

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

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