Protect the downside. Worry about the margin of safety.
Sooner or later, the market will do what it has to do to prove the majority wrong.
The share price must be less than book value. Preferably it will be less than net working capital less long term debt.
If it is cheap enough, we don't care what it is.
What differentiates us from other money managers with a similar style is that we’re comfortable with new lows.
We do liquidation analysis and liquidation analysis only.