Basically, we try to buy value expressed in the differential between its price and what we think its worth.
My first job at Graham-Newman was to prepare the annual report for that 10th year.
By setting up Berkshire Hathaway, Warren has done everything very rationally.
We may buy a little bit of a stock, to get our feet wet and get a feeling for it.
We basically followed the idea of buying comapnies selling below working-capital - at two thirds of working-capital.
Try to establish the value of a company.