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

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

They really can’t afford to be contrarians. A major investment house can’t afford to do research for five customers who won’t generate a lot of commissions.

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

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.

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.

I’m lucky to have the kind of life where the differentiation between work and play is absolutely zilch. I have no idea whether I’m working or whether I’m playing.