You have to be a little aware of the emotions of the people who have invested with you.
Book values have some good and some bad features.
If there are not too many value stocks that I can find, the market isn't all that cheap.
Stockbrokers aren't too interested in a stock you can sit there for five years with.
Some kinds of stocks are easier to analyse than others.
Each year we buy stocks and they go up, we sell them and then we try to buy something cheaper.