Protect the downside. Worry about the margin of safety.

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.

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

All we try to do is buy a dollar for 40 cents.

Curiosity is the engine of civilisation

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.

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.