If the market is so cheap, you want to get something with a little more zip in it, or potential.

All the publicity about value investing - it's become a very popular thing.

My job was to find stocks that were undervalued.

Most look at earnings and earnings potential, well I can't get into that game.

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

Try to buy assets at a discount than to buy earnings.

Basically, we try to buy value expressed in the differential between its price and what we think its worth.