The most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this characteristic.

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.

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.

We do liquidation analysis and liquidation analysis only.

The share price must be less than book value. Preferably it will be less than net working capital less long term debt.

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.

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