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Quote by Peter Cundill

“The price must be less than one half of the former high and preferably at or near its all time low.”

Quote by Peter Cundill

Author

Peter Cundill was a prominent investor in the financial industry, whose investment philosophy and strategies had a profound impact on global investors. more

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

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“The company must be profitable. Preferably it will have increased its earnings for the past five years and there will have been no deficits over that period.”

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

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“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.”

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“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.”

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“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.”

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“I never, ever would or did rob anyone in my life.”

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

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“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.”

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“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.”

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