I suspect that my thinking is an eclectic mix, not pure net-net because I couldn’t do it anyway so you have to have a new something to hang your hat on. But the framework stays the same.

Why will someone sell you a dollar for 50 cents? Because in the short run, people are irrational on both the optimistic and pessimistic side.

What differentiates us from other money managers with a similar style is that we’re comfortable with new lows.

Protect the downside. Worry about the margin of safety.

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

We always look at the margin of safety in the balance sheet and then worry about the business.

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