“If you don’t lose, you win. If we buy 20-25 companies…some of them will continue to disappoint and lag and so forth. But there’ll be enough winners in there to make up for the losers as long as we don’t lose a lot…. When we discuss private market value, price-to-sales multiples, etc., we’re talking about the upside. But the most important thing always is not to lose.”
—Arnold Van Den Berg.
