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.

We do liquidation analysis and liquidation analysis only.

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

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

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.

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

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.