Just as many smart people fail in the investment business as stupid ones. Intellectually active people are particularly attracted to elegant concepts, which can have the effect of distracting them from the simpler, more fundamental truths.

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

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

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.

We do liquidation analysis and liquidation analysis only.

I suspect that my thinking is an eclectic mix, not pure net-net because I couldn’t do it anyway so you have to have a new something to hang your hat on. But the framework stays the same.

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.