Stockbrokers aren't too interested in a stock you can sit there for five years with.
Have a philosophy of investment and try to follow it.
I like the idea of company-paid dividends.
We basically followed the idea of buying comapnies selling below working-capital - at two thirds of working-capital.
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.
You have to have confidence in what you're doing.
Our average holding period is four years.
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.
Use book value as a starting point to try and establish the value of the enterprise.
By setting up Berkshire Hathaway, Warren has done everything very rationally.
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.
Warren is a very good judge of people and he's a very good judge of businesses.
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