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.

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

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

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.

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.

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.

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