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

I try to keep in mind Oscar Wilde's comment that "saints always have a past and sinners always have a future," so no investment should be ruled out simply on the basis of past history. We focus on liquidation analysis and liquidation analysis alone.

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

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.

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

I’m lucky to have the kind of life where the differentiation between work and play is absolutely zilch. I have no idea whether I’m working or whether I’m playing.

There is almost always a major blip for whatever reason and we have learnt to expect it and not to panic.