I look at the gap between the entry price and the price in a scenario in which most of the positive assumptions don’t pan out as expected. The ingredients of successful investing lie in locating gaps between current expectations and future likely performance which provide me favourable odds as an investor…The prediction of earnings per share is mainly science and partly art. But prediction of price-to-earnings ratio is an art, with very little science. It is a chemistry that can be mastered only by experience…I have learnt that in investing decisions, all factors are numerators but the denominator is only one which is price/value, for it is ultimately the price or value at which you buy/sell shares which determines not only your profit/gains but also the very important aspect of the risk that you take. At a value, I am a buyer of everything, including the most hated companies. What you are buying is important, but it is more important at what price/value you are buying.