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.

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.

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

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.

There will be losing years; but if the art of making money is not to lose it, then there should not be substantial losses.

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.

Protect the downside. Worry about the margin of safety.