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.

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

In every analysis you need to isolate what the real assets are and you must not forget to examine the franchise to do business, to review the character and competence of the management and to estimate the outcome if the whole business had to be turned into cash.

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

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

The price must be less than one half of the former high and preferably at or near its all time low.

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