A lot of companies have lots of assets tied up in plant and equipment. Well, is it old plant, or is it new plant?
Buy stocks where the outlook is not good.
One of the tricks of this business is, keep your losses down.
My first job at Graham-Newman was to prepare the annual report for that 10th year.
I don't have a ticker-tape machine in my office.
Book values have some good and some bad features.