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When a stock doubles, sell half - then what you have is a free position. Then it becomes more of an art form. When you sell depends on individual circumstances.

Peter Cundill

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Peter Cundill
Age: 72 †
Born: 1938
Born: October 1
Died: 2011
Died: January 24
Businessperson
Form
Circumstances
Depends
Becomes
Position
Half
Doubles
Free
Stock
Individual
Sell
Art
Sells

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I’m lucky to have the kind of life where the differentiation between work and play is absolutely zilch. I have no idea whether I’m working or whether I’m playing.
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We always look at the margin of safety in the balance sheet and then worry about the business.
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We do liquidation analysis and liquidation analysis only.
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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 the effect of distracting them from the simpler, more fundamental truths.
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What differentiates us from other money managers with a similar style is that we’re comfortable with new lows.
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There will be losing years but if the art of making money is not to lose it, then there should not be substantial losses.
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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 something to hang your hat on. But the framework stays the same.
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You find bargains among the unpopular things, the things that everybody hates. The key is that you must have patience.
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The company must be paying dividends. Preferably the dividend will have been increasing and have been paid for some time.
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Protect the downside. Worry about the margin of safety.
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I try to keep in mind Oscar Wilde's comment that saints always have a past and sinners always have a future, so no investment should be ruled out simply on the basis of past history. We focus on liquidation analysis and liquidation analysis alone.
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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.
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There is almost always a major blip for whatever reason and we have learnt to expect it and not to panic.
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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.
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There is always something to do. You just need to look harder, be creative and a little flexible.
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