We do liquidation analysis and liquidation analysis only.

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.

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.

In every analysis you need to isolate what the real assets are and you must not forget to examine the franchise to do business, to review the character and competence of the management and to estimate the outcome if the whole business had to be turned into cash.

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.

The most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this characteristic.