You have to be a little aware of the emotions of the people who have invested with you.

We get a feeling, if we can, about what we think the company is worth.

Don't sell on bad news.

Have a philosophy of investment and try to follow it.

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

Graham liked the idea of protection on the downside.

You have to have patience in this field.