When Walter and Edwin were asked in 1989 by Outstanding Investors Digest, “How would you summarize your approach?” Edwin replied, “We try to buy stoc… - Warren Buffett

We are suspicious of those CEOs who regularly claim they do know the future — and we become downright incredulous if they consistently reach their declared targets. Managers that always promise to “make the numbers” will at some point be tempted to make up the numbers.

Walter never went to college, but took a course from Ben Graham at night at the . Walter left Graham-Newman [Partnership] in 1955... He knows how to identify securities that sell at considerably less than their value to a private owner. And that's all he does. ...He simply says, if a business is worth a dollar and I can buy it for 40 cents, something good may happen to me. And he does it over and over again.

Managers who want to expand their domain at the expense of owners might better consider a career in government.