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.

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.

If it is cheap enough, we don't care what it is.

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.

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

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.

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.