Sooner or later, the market will do what it has to do to prove the majority wrong.

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

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.

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

When a stock doubles, sell half - then what you have is a free position. Then it becomes more of an art form. When you sell depends on individual circumstances.

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

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.