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

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.

The price earning multiple must be less than ten or the inverse of the long term corporate bond rate, whichever is the less.

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

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

Long term debt and bank debt (including off-balance sheet financing must be judiciously employed. There must be room to expand the debt position if required.

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.