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

I try to keep in mind Oscar Wilde's comment that "saints always have a past and sinners always have a future," so no investment should be ruled out simply on the basis of past history. We focus on liquidation analysis and liquidation analysis alone.

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.

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

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

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

Sooner or later, the market will do what it has to do to prove the majority wrong.