Quotes by Peter Cundill - Page 1

Curiosity is the engine of civilisation
Peter Cundill /
Civilisation
Curiosity
Engines
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All we try to do is buy a dollar for 40 cents.
Peter Cundill /
Cents
Dollars
Trying
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If it is cheap enough, we don't care what it is.
Peter Cundill /
Care
Don't Care
Enough
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Protect the downside. Worry about the margin of safety.
Peter Cundill /
Insightful
Safety
Worry
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We do liquidation analysis and liquidation analysis only.
Peter Cundill /
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I bought stuff at 3.5 cents once and I thought it can’t go down to zero. It can.
Peter Cundill /
Zero
Cents
Stuff
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Sooner or later, the market will do what it has to do to prove the majority wrong.
Peter Cundill /
Majority
Prove
Sooner Or Later
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We always look at the margin of safety in the balance sheet and then worry about the business.
Peter Cundill /
Balance
Safety
Worry
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There is always something to do. You just need to look harder, be creative and a little flexible.
Peter Cundill /
Creative
Looks
Needs
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The price must be less than one half of the former high and preferably at or near its all time low.
Peter Cundill /
All Time Low
Half
Lows
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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.
Peter Cundill /
Majors
Panic
Reason
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What differentiates us from other money managers with a similar style is that we’re comfortable with new lows.
Peter Cundill /
Lows
Managers
Style
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You find bargains among the unpopular things, the things that everybody hates. The key is that you must have patience.
Peter Cundill /
Hate
Having Patience
Keys
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The share price must be less than book value. Preferably it will be less than net working capital less long term debt.
Peter Cundill /
Book
Debt
Long
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The company must be paying dividends. Preferably the dividend will have been increasing and have been paid for some time.
Peter Cundill /
Company
Has Beens
Paid
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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.
Peter Cundill /
Art
Loss
Years
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The price earning multiple must be less than ten or the inverse of the long term corporate bond rate, whichever is the less.
Peter Cundill /
Corporate Bond
Earning
Long
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Try to pick a fund manager who has a well-defined strategy, has been through these things before, and go invest and stay with him.
Peter Cundill /
Strategy
Trying
Wells
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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.
Peter Cundill /
Optimistic
Running
Dollars
People
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They really can’t afford to be contrarians. A major investment house can’t afford to do research for five customers who won’t generate a lot of commissions.
Peter Cundill /
House
Investment
Research
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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.
Peter Cundill /
Balance
Debt
Long
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The company must be profitable. Preferably it will have increased its earnings for the past five years and there will have been no deficits over that period.
Peter Cundill /
Earning
Past
Years
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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 /
Art
Half
Individual
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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.
Peter Cundill /
Ideas
Lucky
Play
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The most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this characteristic.
Peter Cundill /
Important
Investing
Majority
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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.
Peter Cundill /
Framework
Hats
Thinking
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The difference between the price we pay for a stock and its liquidation value gives us a margin of safety. This kind of investing is one of the most effective ways of achieving good long term results.
Peter Cundill /
Differences
Long
Safety
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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.
Peter Cundill /
People
Smart
Stupid
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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.
Peter Cundill /
Focus
Mind
Past
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In every analysis you need to isolate what the real assets are and you must not forget to examine the franchise to do business, to review the character and competence of the management and to estimate the outcome if the whole business had to be turned into cash.
Peter Cundill /
Character
Needs
Real
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To put money into anything, anywhere, provided that the downside is measurable and acceptable and the chances of a good profit appear to be better than 50%. I will not take gambles, but it is part of my job description to be ready to take very carefully calculated risks.
Peter Cundill /
Jobs
Chance
Risk
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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 /
Down And
Investing
Safety
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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 /
Running
Doors
Reality
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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 /
Opportunity
Intelligent
Thinking
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