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.

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

All we try to do is buy a dollar for 40 cents.

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.

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

In every analysis you need to isolate what the real assets are and you must not forget to examine the franchise to do business, to review the character and competence of the management and to estimate the outcome if the whole business had to be turned into cash.

Protect the downside. Worry about the margin of safety.