He particularly recommended people reading Intelligent Investor chapter 8 (intrinsic value) and chapter 20 (margin of safety).
You can use a variety of techniques to value a stock. Pick the mid-point of the range, and buy for half that.
Another quote he made: If you think you've found a cheap stock, there's a 90% chance that you are wrong.
8-16 stocks should be an adequately sized protfolio.
Tilson's rule of thumb for what he's willing to pay in terms of PER:
- single digits for a mediocre business
- 10 - 11 for a fair business
- 14 - 15 for a superior business
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