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.

The price earning multiple must be less than ten or the inverse of the long term corporate bond rate, whichever is the less.

Curiosity is the engine of civilisation

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

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

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

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.