“The share price must be less than book value. Preferably it will be less than net working capital less long term debt.” LongBookValuesTermShareDebtLong TermShare Price Author:Peter Cundill
“The price earning multiple must be less than ten or the inverse of the long term corporate bond rate, whichever is the less.” LongTermTenRateCorporateLong TermMultipleEarningInverseCorporate Bond Author:Peter Cundill
“Long term debt and bank debt (including off-balance sheet financing must be judiciously employed. There must be room to expand the debt position if required.” IfsLongTermRoomsPositionBalanceIncludingDebtLong TermSheetsEmployedFinancingBalance Sheets Author:Peter Cundill
“The difference between the price we pay for a stock and its liquidation value gives us a margin of safety. This kind of investing is one of the most effective ways of achieving good long term results.” WayGivingKindLongValuesTermDifferencesResultsPayAchieveSafetyInvestingLong TermMarginsGood Long Author:Peter Cundill
