“
Safe and cheap. That's my investment philosophy in three words. Everything else is noise.
“
Most investors spend too much time on earnings and not enough time on balance sheets. The balance sheet tells you what a company owns. The income statement tells you what management wants you to think.
“
The key to investing is not predicting the future. It's buying assets at a discount so large that even if you're wrong about the future, you still win.
“
There is no substitute for knowing more about a company than almost anyone else in the market. That knowledge is the edge.
“
Distressed investing is not about buying garbage. It's about buying assets that the market has mispriced because the situation looks messy. Messy does not mean worthless.