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

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.

There will be losing years; but if the art of making money is not to lose it, then there should not be substantial losses.

There is almost always a major blip for whatever reason and we have learnt to expect it and not to panic.

All we try to do is buy a dollar for 40 cents.

I’m lucky to have the kind of life where the differentiation between work and play is absolutely zilch. I have no idea whether I’m working or whether I’m playing.

Try to pick a fund manager who has a well-defined strategy, has been through these things before, and go invest and stay with him.