There is almost always a major blip for whatever reason and we have learnt to expect it and not to panic.

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

All we try to do is buy a dollar for 40 cents.

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.

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.

We do liquidation analysis and liquidation analysis only.