To my knowledge there are no good records that have been built by institutions run by committee. In almost all cases the great records are the product of individuals, perhaps working together, but always within a clearly defined framework. Their names are on the door and they are quite visible to the investing public. In reality outstanding records are made by dictators, hopefully benevolent, but nonetheless dictators.

Protect the downside. Worry about the margin of safety.

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

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

You find bargains among the unpopular things, the things that everybody hates. The key is that you must have patience.

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.

Curiosity is the engine of civilisation