I like the idea of company-paid dividends.
Fear and greed tend to affect one's judgement.
We basically followed the idea of buying comapnies selling below working-capital - at two thirds of working-capital.
Have a philosophy of investment and try to follow it.
Sell is tough. It's the worst, it's the most difficult thing of all.
Basically, we try to buy value expressed in the differential between its price and what we think its worth.
Don't buy on tips or for a quick move.
Our average holding period is four years.
You have to have confidence in what you're doing.
I found that it was much better to look at the figures rather than people.
I'm a passive investor. There are people who are very aggressive; they try to buy companies.
Before selling, try to re-evaluate the company again and see where the stock sells in realtion to its book value.
My job was to find stocks that were undervalued.
Ben's emphasis was on protecting his expectation of profit with minimum risk.
By setting up Berkshire Hathaway, Warren has done everything very rationally.
Use book value as a starting point to try and establish the value of the enterprise.
I helped Ben with the third edition of Security Analysis, published in 1951.
Managements, you know, often think of themselves.
You know, people tend to like to buy companies that are doing well.
My first job at Graham-Newman was to prepare the annual report for that 10th year.
Try to look for weaknesses in your thinking.
Graham liked the idea of protection on the downside.
You have to be a little aware of the emotions of the people who have invested with you.
I don't have a ticker-tape machine in my office.
I was in Graham's office the day he bought GEICO. Warren owns one-third of the stock today.
