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

All the publicity about value investing - it's become a very popular thing.

Be sure that debt does not exceed 100% of the equity.

I found that it was much better to look at the figures rather than people.

Devise a simple strategy so you can sleep at night.

Managements, you know, often think of themselves.

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