When a stock doubles, sell half - then what you have is a free position. Then it becomes more of an art form. When you sell depends on individual circumstances.

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

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

I suspect that my thinking is an eclectic mix, not pure net-net because I couldn’t do it anyway so you have to have a new something to hang your hat on. But the framework stays the same.

The company must be paying dividends. Preferably the dividend will have been increasing and have been paid for some time.

All we try to do is buy a dollar for 40 cents.

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.