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

There is always something to do. You just need to look harder, be creative and a little flexible.

Protect the downside. Worry about the margin of safety.

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.

We do liquidation analysis and liquidation analysis only.

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.