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… — 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 Image
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 Image
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 Image
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 Image
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 Image
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 Image
You find bargains among the unpopular things, the things that everybody hates. The key is that you must have patience. — Peter Cundill Copy Share Image
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 Image
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 Image
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 Image
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 Image
The company must be paying dividends. Preferably the dividend will have been increasing and have been paid for some time. — Peter Cundill Copy Share Image
