Graham liked the idea of protection on the downside.
Ben was really a contrarian but he didn't use those terms because he was really buying value.
I was in Graham's office the day he bought GEICO. Warren owns one-third of the stock today.
My first job at Graham-Newman was to prepare the annual report for that 10th year.
The market is a very emotional place that appeals to fear and greed.
Use book value as a starting point to try and establish the value of the enterprise.