I find it helpful to buy near the low of the last few years.

We get a feeling, if we can, about what we think the company is worth.

Price is the most important factor to use in relation to value.

Be aware of the level of the stock market. Are yields low and PE ratios high?

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

By setting up Berkshire Hathaway, Warren has done everything very rationally.

Have patience. Stocks don't go up immediately.