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.

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

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.

We always look at the margin of safety in the balance sheet and then worry about the business.

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

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.

We do liquidation analysis and liquidation analysis only.