Use book value as a starting point to try and establish the value of the enterprise.

I found that it was much better to look at the figures rather than people.

Be careful of leverage. It can go against you.

Try to look for weaknesses in your thinking.

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

I liked the results of the profits in the markets.

Look at companies selling at new lows.