We do liquidation analysis and liquidation analysis only.

Long term debt and bank debt (including off-balance sheet financing must be judiciously employed. There must be room to expand the debt position if required.

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

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

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 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.

There is always something to do. You just need to look harder, be creative and a little flexible.