If the stock goes down we want to buy more.

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

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

Before selling, try to re-evaluate the company again and see where the stock sells in realtion to its book value.

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

Graham liked the idea of protection on the downside.

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