We bought a doomed textile mill [Berkshire Hathaway] and a California S&L [Savings & Loan; Wesco] just before a calamity. Both were bought at a discount to liquidation value. — Charlie Munger Copy Share Image
When a stock is selling at a discount to liquidation value per share, a near rock-bottom appraisal, it is frequently an attractive investment. — Seth Klarman Copy Share Image
![“We bought a doomed textile mill [Berkshire Hathaway] and a California S&L [Savings & Loan; Wesco] just before a calamity. Both were bought at a discount to liquidation value.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/802/charlie-munger-458_calamity_we-bought-a-doomed-textile-mill-berkshir_858385.jpg)
