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

When a stock doubles, sell half - then what you have is a free position. Then it becomes more of an art form. When you sell depends on individual circumstances.

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

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.

The share price must be less than book value. Preferably it will be less than net working capital less long term debt.

To my knowledge there are no good records that have been built by institutions run by committee. In almost all cases the great records are the product of individuals, perhaps working together, but always within a clearly defined framework. Their names are on the door and they are quite visible to the investing public. In reality outstanding records are made by dictators, hopefully benevolent, but nonetheless dictators.

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.