We tend to find more special situations in industries with higher cydicality,which most often aren’t the most glamorous sectors of the economy. How companies both prepare for and respond to industry capacity utilization rates going from loo percent to 30 percent and earnings falling off a cliff has a dramatic impact on their future prospects. [...]

We would love to own great businesses as much as the next guy, but the problem is finding them at the right price. We're perfectly happy looking for the average company, where we think there's something going on which the market hasn't recognized that can make it better than average. You're rewarded as much for [...]