My first job at Graham-Newman was to prepare the annual report for that 10th year.

Don't sell on bad news.

Try to buy assets at a discount than to buy earnings.

When I buy a stock, I have kind of an idea where I want to sell it.

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

Graham liked the idea of protection on the downside.

I have been around a long time and Wall Street has changed a lot.