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. — Peter Cundill Copy Share Image
We always look at the margin of safety in the balance sheet and then worry about the business. — Peter Cundill Copy Share Image
The company must be profitable. Preferably it will have increased its earnings for the past five years and there will have been no deficits… — Peter Cundill Copy Share
The difference between the price we pay for a stock and its liquidation value gives us a margin of safety. This kind of investing… — Peter Cundill Copy Share
The price must be less than one half of the former high and preferably at or near its all time low. — Peter Cundill Copy Share
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. — Peter Cundill Copy Share
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. — Peter Cundill Copy Share
The most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this characteristic. — Peter Cundill Copy Share
You find bargains among the unpopular things, the things that everybody hates. The key is that you must have patience. — Peter Cundill Copy Share
When a stock doubles, sell half - then what you have is a free position. Then it becomes more of an art form. When… — Peter Cundill Copy Share
Just as many smart people fail in the investment business as stupid ones. Intellectually active people are particularly attracted to elegant concepts, which can… — Peter Cundill Copy Share
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… — Peter Cundill Copy Share
The share price must be less than book value. Preferably it will be less than net working capital less long term debt. — Peter Cundill Copy Share
The company must be paying dividends. Preferably the dividend will have been increasing and have been paid for some time. — Peter Cundill Copy Share
The price earning multiple must be less than ten or the inverse of the long term corporate bond rate, whichever is the less. — Peter Cundill Copy Share
I think that intelligent forecasting (company revenues, earnings, etc.) should not seek to predict what will in fact happen in the future. Its purpose… — Peter Cundill Copy Share
