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

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.

Try to pick a fund manager who has a well-defined strategy, has been through these things before, and go invest and stay with him.

Protect the downside. Worry about the margin of safety.

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.

Just as many smart people fail in the investment business as stupid ones. Intellectually active people are particularly attracted to elegant concepts, which can have the effect of distracting them from the simpler, more fundamental truths.

We do liquidation analysis and liquidation analysis only.