Buy stocks where the outlook is not good.

I tried to follow Ben Graham's ideas.

I was in Graham's office the day he bought GEICO. Warren owns one-third of the stock today.

You never really know a stock until you own it.

We basically followed the idea of buying comapnies selling below working-capital - at two thirds of working-capital.

Ben was really a contrarian but he didn't use those terms because he was really buying value.

Our average holding period is four years.