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

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

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

They really can’t afford to be contrarians. A major investment house can’t afford to do research for five customers who won’t generate a lot of commissions.

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

There is always something to do. You just need to look harder, be creative and a little flexible.

One of the dangers about net-net investing is that if you buy a net-net that begins to lose money your net-net goes down and your capacity to be able to make a profit becomes less secure. So the trick is not necessarily to predict what the earnings are going to be but to have a clear conviction that the company isn't going bust and that your margin of safety will remain intact over time.