We may buy a little bit of a stock, to get our feet wet and get a feeling for it.
Use book value as a starting point to try and establish the value of the enterprise.
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.
One of the tricks of this business is, keep your losses down.
Some kinds of stocks are easier to analyse than others.