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

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

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

The price must be less than one half of the former high and preferably at or near its all time low.

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

Why will someone sell you a dollar for 50 cents? Because in the short run, people are irrational on both the optimistic and pessimistic side.

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.