Earnings can change dramatically. Usually assets change slowly.
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.
All the publicity about value investing - it's become a very popular thing.
We like to buy stocks which we feel are undervalued and then we have to have the guts to buy more when they go down.
I tried to follow Ben Graham's ideas.