--- title: "4 Earning Quotes By Peter Cundill" description: "4 Earning quotes by Peter Cundill. Plus more from Peter Cundill and more Earning sayings from other authors." image: "https://sms4smile.com/quotes/i/58e/peter-cundill-18943_business_the-company-must-be-profitable-preferabl_75251.jpg" --- > [The company must be profitable. Preferably it will have increased its earnings for the past five years and there will have been…](https://sms4smile.com/quotes/peter-cundill/the-company-must-be-profitable-preferably-it-will-have-increased-its/) [Peter Cundill](https://sms4smile.com/quotes/author/peter-cundill/) [Image](https://sms4smile.com/quotes/i/58e/peter-cundill-18943_business_the-company-must-be-profitable-preferabl_75251.jpg) > [The price earning multiple must be less than ten or the inverse of the long term corporate bond rate, whichever is the…](https://sms4smile.com/quotes/peter-cundill/the-price-earning-multiple-must-be-less-than-ten-or-the-inverse-of/) [Peter Cundill](https://sms4smile.com/quotes/author/peter-cundill/) [Image](https://sms4smile.com/quotes/i/0c3/peter-cundill-18943_corporate_the-price-earning-multiple-must-be-less_1056560.jpg) > [I think that intelligent forecasting (company revenues, earnings, etc.) should not seek to predict what will in fact happen in the future.…](https://sms4smile.com/quotes/peter-cundill/i-think-that-intelligent-forecasting-company-revenues-earnings-etc/) [Peter Cundill](https://sms4smile.com/quotes/author/peter-cundill/) [Image](https://sms4smile.com/quotes/i/752/peter-cundill-18943_bases_i-think-that-intelligent-forecasting-com_1076068.jpg) > [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…](https://sms4smile.com/quotes/peter-cundill/one-of-the-dangers-about-net-net-investing-is-that-if-you-buy-a-net/) [Peter Cundill](https://sms4smile.com/quotes/author/peter-cundill/) [Image](https://sms4smile.com/quotes/i/936/peter-cundill-18943_able_one-of-the-dangers-about-net-net-investi_3084983.jpg) ## Other authors on Earning ## More by Peter Cundill > [The company must be profitable. Preferably it will have increased its earnings for the past five years and there will have been no deficits…](https://sms4smile.com/quotes/peter-cundill/the-company-must-be-profitable-preferably-it-will-have-increased-its/) [Peter Cundill](https://sms4smile.com/quotes/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…](https://sms4smile.com/quotes/peter-cundill/the-difference-between-the-price-we-pay-for-a-stock-and-its/) [Peter Cundill](https://sms4smile.com/quotes/author/peter-cundill/) > [The price must be less than one half of the former high and preferably at or near its all time low.](https://sms4smile.com/quotes/peter-cundill/the-price-must-be-less-than-one-half-of-the-former-high-and/) [Peter Cundill](https://sms4smile.com/quotes/author/peter-cundill/) > [Try to pick a fund manager who has a well-defined strategy, has been through these things before, and go invest and stay with him.](https://sms4smile.com/quotes/peter-cundill/try-to-pick-a-fund-manager-who-has-a-well-defined-strategy-has-been/) [Peter Cundill](https://sms4smile.com/quotes/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.](https://sms4smile.com/quotes/peter-cundill/why-will-someone-sell-you-a-dollar-for-50-cents-because-in-the-short/) [Peter Cundill](https://sms4smile.com/quotes/author/peter-cundill/) > [The most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this characteristic.](https://sms4smile.com/quotes/peter-cundill/the-most-important-attribute-for-success-in-value-investing-is/) [Peter Cundill](https://sms4smile.com/quotes/author/peter-cundill/) > [You find bargains among the unpopular things, the things that everybody hates. The key is that you must have patience.](https://sms4smile.com/quotes/peter-cundill/you-find-bargains-among-the-unpopular-things-the-things-that/) [Peter Cundill](https://sms4smile.com/quotes/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…](https://sms4smile.com/quotes/peter-cundill/when-a-stock-doubles-sell-half-then-what-you-have-is-a-free-position/) [Peter Cundill](https://sms4smile.com/quotes/author/peter-cundill/) > [Just as many smart people fail in the investment business as stupid ones. Intellectually active people are particularly attracted to elegant concepts, which can…](https://sms4smile.com/quotes/peter-cundill/just-as-many-smart-people-fail-in-the-investment-business-as-stupid/) [Peter Cundill](https://sms4smile.com/quotes/author/peter-cundill/) > [I suspect that my thinking is an eclectic mix, not pure net-net because I couldn’t do it anyway so you have to have a…](https://sms4smile.com/quotes/peter-cundill/i-suspect-that-my-thinking-is-an-eclectic-mix-not-pure-net-net/) [Peter Cundill](https://sms4smile.com/quotes/author/peter-cundill/) > [The share price must be less than book value. Preferably it will be less than net working capital less long term debt.](https://sms4smile.com/quotes/peter-cundill/the-share-price-must-be-less-than-book-value-preferably-it-will-be/) [Peter Cundill](https://sms4smile.com/quotes/author/peter-cundill/) > [The company must be paying dividends. Preferably the dividend will have been increasing and have been paid for some time.](https://sms4smile.com/quotes/peter-cundill/the-company-must-be-paying-dividends-preferably-the-dividend-will/) [Peter Cundill](https://sms4smile.com/quotes/author/peter-cundill/) > [Curiosity is the engine of civilisation](https://sms4smile.com/quotes/peter-cundill/curiosity-is-the-engine-of-civilisation/) [Peter Cundill](https://sms4smile.com/quotes/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.](https://sms4smile.com/quotes/peter-cundill/the-price-earning-multiple-must-be-less-than-ten-or-the-inverse-of/) [Peter Cundill](https://sms4smile.com/quotes/author/peter-cundill/) > [I think that intelligent forecasting (company revenues, earnings, etc.) should not seek to predict what will in fact happen in the future. Its purpose…](https://sms4smile.com/quotes/peter-cundill/i-think-that-intelligent-forecasting-company-revenues-earnings-etc/) [Peter Cundill](https://sms4smile.com/quotes/author/peter-cundill/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "ItemList", "@id": "https://sms4smile.com/quotes/about/earning/peter-cundill/#itemlist", "name": "4 Earning Quotes By Peter Cundill", "numberOfItems": 4, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "The company must be profitable. 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Its purpose ought to be to illuminate the road, to point out obstacles and potential pitfalls and so assist management to tailor events and to bend them in a desired direction. Forecasting should be used as a device to put both problems and opportunities into perspective. It is a management tool, but it can never be a substitute for strategy, nor should it ever be used as the primary basis for portfolio investment decisions.", "creator": { "@type": "Person", "name": "Peter Cundill" }, "url": "https://sms4smile.com/quotes/peter-cundill/i-think-that-intelligent-forecasting-company-revenues-earnings-etc/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/752/peter-cundill-18943_bases_i-think-that-intelligent-forecasting-com_1076068.jpg", "contentUrl": "https://sms4smile.com/quotes/i/752/peter-cundill-18943_bases_i-think-that-intelligent-forecasting-com_1076068.jpg", "url": "https://sms4smile.com/quotes/i/752/peter-cundill-18943_bases_i-think-that-intelligent-forecasting-com_1076068.jpg", "width": 1080, "height": 1080, "caption": "“I think that intelligent forecasting (company revenues, earnings, etc.) should not seek to predict what will…” — Peter Cundill", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 4, "item": { "@type": "Quotation", "text": "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.", "creator": { "@type": "Person", "name": "Peter Cundill" }, "url": "https://sms4smile.com/quotes/peter-cundill/one-of-the-dangers-about-net-net-investing-is-that-if-you-buy-a-net/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/936/peter-cundill-18943_able_one-of-the-dangers-about-net-net-investi_3084983.jpg", "contentUrl": "https://sms4smile.com/quotes/i/936/peter-cundill-18943_able_one-of-the-dangers-about-net-net-investi_3084983.jpg", "url": "https://sms4smile.com/quotes/i/936/peter-cundill-18943_able_one-of-the-dangers-about-net-net-investi_3084983.jpg", "width": 1080, "height": 1080, "caption": "“One of the dangers about net-net investing is that if you buy a net-net that begins to lose money your…” — Peter Cundill", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } } ] }, { "@type": "CollectionPage", "@id": "https://sms4smile.com/quotes/about/earning/peter-cundill/#webpage", "url": "https://sms4smile.com/quotes/about/earning/peter-cundill/", "name": "Earning Quotes by Peter Cundill", "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "mainEntity": { "@id": "https://sms4smile.com/quotes/about/earning/peter-cundill/#itemlist" }, "primaryImageOfPage": { "@id": "https://sms4smile.com/quotes/i/58e/peter-cundill-18943_business_the-company-must-be-profitable-preferabl_75251.jpg" }, "description": "4 Earning quotes by Peter Cundill. 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