Curiosity is the engine of civilisation

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

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.

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

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.

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

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.