Enjoy your work and have ethical standards.

We like to buy stocks which we feel are undervalued and then we have to have the guts to buy more when they go down.

We basically followed the idea of buying comapnies selling below working-capital - at two thirds of working-capital.

Be careful of leverage. It can go against you.

Don't buy on tips or for a quick move.

Basically, we try to buy value expressed in the differential between its price and what we think its worth.

Our average holding period is four years.