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

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

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.

The difference between the price we pay for a stock and its liquidation value gives us a margin of safety. This kind of investing is one of the most effective ways of achieving good long term results.

Protect the downside. Worry about the margin of safety.

They really can’t afford to be contrarians. A major investment house can’t afford to do research for five customers who won’t generate a lot of commissions.

If it is cheap enough, we don't care what it is.