If the stock goes down we want to buy more.

I was in Graham's office the day he bought GEICO. Warren owns one-third of the stock today.

Try to establish the value of a company.

A lot of companies have lots of assets tied up in plant and equipment. Well, is it old plant, or is it new plant?

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

I find it helpful to buy near the low of the last few years.

Most look at earnings and earnings potential, well I can't get into that game.