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

Protect the downside. Worry about the margin of safety.

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

To put money into anything, anywhere, provided that the downside is measurable and acceptable and the chances of a good profit appear to be better than 50%. I will not take gambles, but it is part of my job description to be ready to take very carefully calculated risks.

We do liquidation analysis and liquidation analysis only.

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

The share price must be less than book value. Preferably it will be less than net working capital less long term debt.