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.

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

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

Why will someone sell you a dollar for 50 cents? Because in the short run, people are irrational on both the optimistic and pessimistic side.

If it is cheap enough, we don't care what it is.

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

One of the dangers about net-net investing is that if you buy a net-net that begins to lose money your net-net goes down and your capacity to be able to make a profit becomes less secure. So the trick is not necessarily to predict what the earnings are going to be but to have a clear conviction that the company isn't going bust and that your margin of safety will remain intact over time.