Use book value as a starting point to try and establish the value of the enterprise.
When I buy a stock, I have kind of an idea where I want to sell it.
We get a feeling, if we can, about what we think the company is worth.
I'm a passive investor. There are people who are very aggressive; they try to buy companies.
We basically followed the idea of buying comapnies selling below working-capital - at two thirds of working-capital.
The market is a very emotional place that appeals to fear and greed.