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

Try to pick a fund manager who has a well-defined strategy, has been through these things before, and go invest and stay with him.

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.

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

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

The share price must be less than book value. Preferably it will be less than net working capital less long term debt.