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

Protect the downside. Worry about the margin of safety.

The company must be profitable. Preferably it will have increased its earnings for the past five years and there will have been no deficits over that period.

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

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

To put money into anything, anywhere, provided that the downside is measurable and acceptable and the chances of a good profit appear to be better than 50%. I will not take gambles, but it is part of my job description to be ready to take very carefully calculated risks.

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.