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

If there are not too many value stocks that I can find, the market isn't all that cheap.

My first job at Graham-Newman was to prepare the annual report for that 10th year.

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

Have patience. Stocks don't go up immediately.

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

Ben was a great believer in buying a diversified group of securities, so that he limited his risk.