Quotes from Peter Cundill

There will be losing years; but if the art of making money is not to lose it, then there should not be substantial losses.

What differentiates us from other money managers with a similar style is that we're comfortable with new lows.

You find bargains among the unpopular things, the things that everybody hates. The key is that you must have patience.

The most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this characteristic.

The company must be paying dividends. Preferably the dividend will have been increasing and have been paid for some time.

The price must be less than one half of the former high and preferably at or near its all time low.

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.

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.

We always look at the margin of safety in the balance sheet and then worry about the business.