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

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

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

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.

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

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

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