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

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.

The company must be profitable. Preferably it will have increased its earnings for the past five years and there will have been no deficits over that period.

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.

We do liquidation analysis and liquidation analysis only.

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

Protect the downside. Worry about the margin of safety.