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

When you buy a depressed company it's not going to go up right after you buy it, believe me.

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

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

When I buy a stock, I have kind of an idea where I want to sell it.

Ben didn't want to lose money. He had had a rough time during the depression.

Each year we buy stocks and they go up, we sell them and then we try to buy something cheaper.