Long ago, Ben Graham taught me that "Price is what you pay; value is what you get." Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down.

First, many in Wall Street - a community in which quality control is not prized - will sell investors anything they will buy.

People do, as long as you have markets, you'll have excesses.

In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.

John Maynard Keynes essentially said, don't try and figure out what the market is doing. Figure out a business you understand, and concentrate.

We enjoy the process far more than the proceeds.

The trick is, when there is nothing to do, do nothing.