- Look for opportunities in markets with pent-up demand
- Look for good companies with bad balance sheets
- Take meaningful positions so you can influence your own destiny
- The definition of a true partner is someone who shares your level of risk
- Understand the downside
- It all comes down to Econ 101 – Supply and Demand
- When everyone is going right, look left
- Operate on the condition of no surprises (from your team)
- Sentimentality about an investment leads to a lack of discipline
- Every day you’re not selling an asset that’s in your portfolio, you’re choosing to buy it
- Ensure management’s interests are aligned with shareholders
- Nothing should stand between a company and its fiduciary responsibility to shareholders
- Liquidity = value