We basically followed the idea of buying comapnies selling below working-capital - at two thirds of working-capital.

Stockbrokers aren't too interested in a stock you can sit there for five years with.

Enjoy your work and have ethical standards.

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

Buy stocks where the outlook is not good.

I helped Ben with the third edition of Security Analysis, published in 1951.

I tried to follow Ben Graham's ideas.