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

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.

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.

We always look at the margin of safety in the balance sheet and then worry about the business.

One of the dangers about net-net investing is that if you buy a net-net that begins to lose money your net-net goes down and your capacity to be able to make a profit becomes less secure. So the trick is not necessarily to predict what the earnings are going to be but to have a clear conviction that the company isn't going bust and that your margin of safety will remain intact over time.

I’m lucky to have the kind of life where the differentiation between work and play is absolutely zilch. I have no idea whether I’m working or whether I’m playing.