“The company must be paying dividends. Preferably the dividend will have been increasing and have been paid for some time.” Quote by 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
“In every analysis you need to isolate what the real assets are and you must not forget to examine the franchise to do business, to review the character and competence of the management and to estimate the outcome if the whole business had to be turned into cash.” IfsNeedsRealWholeCharacterForgetManagementAnalysisOutcomesAssetsReviewsCashCompetence Author:Peter Cundill
“I try to keep in mind Oscar Wilde's comment that "saints always have a past and sinners always have a future," so no investment should be ruled out simply on the basis of past history. We focus on liquidation analysis and liquidation analysis alone.” ShouldTryingMindPastFocusBasesInvestmentSaintAnalysisSinnerCommentOscarsWilde Author:Peter Cundill
“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.” PeopleRunningSidesSellsDollarsOptimisticCentsIrrationalPessimistic Author:Peter Cundill
“One of the dangers about net-net investing is that if you buy a net-net that begins to lose money your net-net goes down and your capacity to be able to make a profit becomes less secure. So the trick is not necessarily to predict what the earnings are going to be but to have a clear conviction that the company isn't going bust and that your margin of safety will remain intact over time.” IfsAbleLosesCompanyClearDangerCapacityDown AndSafetyInvestingProfitConvictionTricksSecureEarningMargins Author:Peter Cundill
“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.” ArtFormIndividualHalfPositionDependsCircumstancesSells Author:Peter Cundill
“Your life is your ship and you are the captain. Choose your course, take the wheel firmly and get on your way.” WayLife IsCoursesShipsWheelsCaptains Author:Michael Josephson
“Bernie Ebbers and Ken Lay were caricatures - they were easy to spot. They were almost psychopaths. But it's much harder to spot problems at companies like Royal Dutch [Shell].” ProblemEasyCompanyHarderLaysSpotsShellsRoyalDutchCaricaturesPsychopath Author:Charlie Munger