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

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

When a stock doubles, sell half - then what you have is a free position. Then it becomes more of an art form. When you sell depends on individual circumstances.

Protect the downside. Worry about the margin of safety.

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

I bought stuff at 3.5 cents once and I thought it can’t go down to zero. It can.

Curiosity is the engine of civilisation