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.

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

The price earning multiple must be less than ten or the inverse of the long term corporate bond rate, whichever is the less.

You find bargains among the unpopular things, the things that everybody hates. The key is that you must have patience.

Just as many smart people fail in the investment business as stupid ones. Intellectually active people are particularly attracted to elegant concepts, which can have the effect of distracting them from the simpler, more fundamental truths.

Curiosity is the engine of civilisation

Protect the downside. Worry about the margin of safety.