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

Ben was really a contrarian but he didn't use those terms because he was really buying value.

I don't have a ticker-tape machine in my office.

We like to buy stocks which we feel are undervalued and then we have to have the guts to buy more when they go down.

I liked the results of the profits in the markets.

Our average holding period is four years.

Basically, we try to buy value expressed in the differential between its price and what we think its worth.