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.

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

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

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

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.

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