When you buy a depressed company it's not going to go up right after you buy it, believe me.

I tried to follow Ben Graham's ideas.

Devise a simple strategy so you can sleep at night.

Have a philosophy of investment and try to follow it.

My job was to find stocks that were undervalued.

Use book value as a starting point to try and establish the value of the enterprise.

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