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

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

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

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

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

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.

The company must be paying dividends. Preferably the dividend will have been increasing and have been paid for some time.