By setting up Berkshire Hathaway, Warren has done everything very rationally.
My first job at Graham-Newman was to prepare the annual report for that 10th year.
Use book value as a starting point to try and establish the value of the enterprise.
We basically followed the idea of buying comapnies selling below working-capital - at two thirds of working-capital.
I'm a passive investor. There are people who are very aggressive; they try to buy companies.
You never really know a stock until you own it.