What differentiates us from other money managers with a similar style is that we’re comfortable with new lows.

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.

Prudence is precaution, prudence is protection.

Children aren't coloring books. You don't get to fill them with your favorite colors.

I think the theme that I was attracted to in 'Beautiful Creatures' was you claim yourself. In my opinion, I think that's a really valid idea and I'm glad that that's our foundation.

Witch-hunts are always spooked by women's horrifying sexuality awakened by the superstud Devil.

I've never minded it," he went on. "Being lost, that is. I had always thought one could not truly be lost if one knew one's own heart. But I fear I may be lost without knowing yours.

Work isn't to make money; you work to justify life.

Ahhh... It's good to be young and insane.

So astounding are the facts in this connection, that it would seem as though the Creator, himself had electrically designed this planet.

Doubt the conventional wisdom unless you can verify it with reason and experiment

My way of life Is fall'n into the sear and yellow leaf.