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.

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

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.

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.

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

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.

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.