The price earning multiple must be less than ten or the inverse of the long term corporate bond rate, whichever is the less.

You find bargains among the unpopular things, the things that everybody hates. The key is that you must have patience.

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.

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.

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

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

The company must be paying dividends. Preferably the dividend will have been increasing and have been paid for some time.

The share price must be less than book value. Preferably it will be less than net working capital less long term debt.

Protect the downside. Worry about the margin of safety.

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

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

I definitely have a different perspective on music in general. But once I actually have a guitar in my hands, I think I disappear into the same black hole that I was disappearing into when I was 15.

Extraordinary people visualize not what is possible or probable, but rather what is impossible. And by visualizing the impossible, they begin to see it as possible.

Knowing when someone's the real deal or not, but still with putting your guard up and self-protecting, you've got to stay open. It comes back to balance.

Unlike a mere deception or a simple secret, which gives the impression that something's been taken away, a great magician makes you feel like something's been given to you.

I want to live in a world capital or the howling wilderness.

Apathy is the slow poison coursing through the body politic that paves the way to tyranny.

I do think it's possible to change for the better.

If cities were built by the sound of music, then some edifices would appear to be constructed by grave, solemn tones,--others to have danced forth to light fantastic airs.

By channeling my inner heiress, I created a new opportunity for young heiresses.

I feel a responsibility to make sure that the voices from our community are heard. I do not feel a responsibility to agree with them. No one tells me what to think. I think for me.