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

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.

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.

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

True love is the best thing in the world, except for cough drops.

While I'm fine with you two dating and being happy, please try not to break his heart too much when the time comes.

«Regrets»... I regret how timid and meek I was back then... always telling myself that I couldn't do anything, never even daring to try. That's definitely something I regret. " (p.330)

I hate to mention age, but I come from an era when we weren't consumed by technology and television.

I can't bear to be around people who are bland or bored or uninterested (or to employ them).

I knew the answer, and--of course--so did Ramses. He has superb breath control and always gets in ahead of me.

In the afternoon I watch the clouds drift past the bald peak of Mount Tukuhnikivats. (Someone has to do it.)

Character is the architect of the being.

It feels to me like everyone is going to do their best work when they feel emotionally safe.

This is a lesson I continue to learn: Be content where you are!