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

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

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.

There is almost always a major blip for whatever reason and we have learnt to expect it and not to panic.

Curiosity is the engine of civilisation

The price earning multiple must be less than ten or the inverse of the long term corporate bond rate, whichever is the less.

What differentiates us from other money managers with a similar style is that we’re comfortable with new lows.