Peter Cundill Quotes

21 quotes in 388 categories

• Protect the downside. Worry about the margin of safety.
• The most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this characteristic.
• There will be losing years; but if the art of making money is not to lose it, then there should not be substantial losses.
• To put money into anything, anywhere, provided that the downside is measurable and acceptable and the chances of a good profit appear to be better…
• I think that intelligent forecasting (company revenues, earnings, etc.) should not seek to predict what will in fact happen in the future. Its purpose ought…
• There is almost always a major blip for whatever reason and we have learnt to expect it and not to panic.
• We always look at the margin of safety in the balance sheet and then worry about the business.
• We do liquidation analysis and liquidation analysis only.
• There is always something to do. You just need to look harder, be creative and a little flexible.
• What differentiates us from other money managers with a similar style is that we’re comfortable with new lows.
• The difference between the price we pay for a stock and its liquidation value gives us a margin of safety. This kind of investing is…
• All we try to do is buy a dollar for 40 cents.
• They really can’t afford to be contrarians. A major investment house can’t afford to do research for five customers who won’t generate a lot of…
• 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 new…
• 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.
• I bought stuff at 3.5 cents once and I thought it can’t go down to zero. It can.
• To my knowledge there are no good records that have been built by institutions run by committee. In almost all cases the great records are…
• You find bargains among the unpopular things, the things that everybody hates. The key is that you must have patience.
• Just as many smart people fail in the investment business as stupid ones. Intellectually active people are particularly attracted to elegant concepts, which can have…
• Sooner or later, the market will do what it has to do to prove the majority wrong.

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