the-price-must-be-less-than-one-half-former-high-preferably-at-near-its-all-time-low-peter-cundill
there-will-be-losing-years-but-if-art-making-money-is-not-to-lose-it-then-there-should-not-be-substantial-losses-peter-cundill
we-always-look-at-margin-safety-in-balance-sheet-then-worry-about-business-peter-cundill
 should not seek to predict what will in fact happen in the future. Its purpose ought to be to illuminate the road, to point out obstacles and potential pitfalls and so assist management to tailor events and to bend them in a desired direction. Forecasting should be used as a device to put both problems and opportunities into perspective. It is a management tool, but it can never be a substitute for strategy, nor should it ever be used as the primary basis for portfolio investment decisions.)
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 to be to illuminate the road, to point out obstacles and potential pitfalls and so assist management to tailor events and to bend them in a desired direction. Forecasting should be used as a device to put both problems and opportunities into perspective. It is a management tool, but it can never be a substitute for strategy, nor should it ever be used as the primary basis for portfolio investment decisions.
Peter Cundill
i-think-that-intelligent-forecasting-company-revenues-earnings-etc-should-not-seek-to-predict-what-will-in-fact-happen-in-future-its-purpose-ought-to-peter-cundill
intelligent quotesforecasting quotescompany quotesrevenues quotesearnings quotesseek quotespredict quotesfact quoteshappen quotesfuture quotespurpose quotesilluminate quotesroad quotespoint quotesobstacles quotespotential quotespitfalls quotesassist quotesmanagement quotestailor quotesevents quotesbend quotesdesired quotesdirection quotesforecasting quotesdevice quotesput quotesproblems quotesopportunities quotesperspective quotestool quotessubstitute quotesstrategy quotesprimary quotesbasis quotesportfolio quotesinvestment quotesdecisions quotes
the-company-must-be-paying-dividends-preferably-dividend-will-have-been-increasing-have-been-paid-for-some-time-peter-cundill
One of the dangers about net-net investing is that if you buy a net-net that begins to lose money your net-net goes down and your capacity to be able to make a profit becomes less secure. So the trick is not necessarily to predict what the earnings are going to be but to have a clear conviction that the company isn't going bust and that your margin of safety will remain intact over time.
Peter Cundill
one-dangers-about-netnet-investing-is-that-if-you-buy-netnet-that-begins-to-lose-money-your-netnet-goes-down-your-capacity-to-be-able-to-make-peter-cundill
dangers quotesnetnet quotesinvesting quotesbuy quotesbegins quoteslose quotesmoney quotescapacity quotesmake quotesprofit quotessecure quotestrick quotesnecessarily quotespredict quotesearnings quotesclear quotesconviction quotescompany quotesbust quotesmargin quotessafety quotesremain quotesintact quotestime quotes
the-share-price-must-be-less-than-book-value-preferably-it-will-be-less-than-net-working-capital-less-long-term-debt-peter-cundill
the-price-earning-multiple-must-be-less-than-ten-inverse-long-term-corporate-bond-rate-whichever-is-less-peter-cundill
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 the product of individuals, perhaps working together, but always within a clearly defined framework. Their names are on the door and they are quite visible to the investing public. In reality outstanding records are made by dictators, hopefully benevolent, but nonetheless dictators.
Peter Cundill
to-my-knowledge-there-are-no-good-records-that-have-been-built-by-institutions-run-by-committee-in-almost-all-cases-great-records-are-product-peter-cundill
knowledge quotesgood quotesrecords quotesbuilt quotesinstitutions quotesrun quotescommittee quotescases quotesgreat quotesproduct quotesindividuals quotesworking quotesdefined quotesframework quotesnames quotesdoor quotesvisible quotesinvesting quotespublic quotesreality quotesoutstanding quotesmade quotesdictators quotesbenevolent quotesnonetheless quotesdictators quotes
why-will-someone-sell-you-dollar-for-50-cents-because-in-short-run-people-are-irrational-on-both-optimistic-pessimistic-side-peter-cundill
all-we-try-to-do-is-buy-dollar-for-40-cents-peter-cundill
i-bought-stuff-at-35-cents-once-i-thought-it-cant-go-down-to-zero-it-can-peter-cundill
try-to-pick-fund-manager-who-has-welldefined-strategy-has-been-through-these-things-before-go-invest-stay-with-him-peter-cundill