Book values have some good and some bad features.
I found that it was much better to look at the figures rather than people.
Don't be afraid to be a loner but be sure that you are correct in your judgement.
I was in Graham's office the day he bought GEICO. Warren owns one-third of the stock today.
We basically followed the idea of buying comapnies selling below working-capital - at two thirds of working-capital.
People don't like to buy things that are going down.