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

The most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this characteristic.

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.

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

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.

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.

I bought stuff at 3.5 cents once and I thought it can’t go down to zero. It can.