Stockbrokers aren't too interested in a stock you can sit there for five years with.

Ben's emphasis was on protecting his expectation of profit with minimum risk.

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

Book values have some good and some bad features.

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

Don't sell on bad news.

Try to establish the value of a company.