"Browne: This one is what we call a no-brainer. One of Graham's principles was that if you can buy an underleveraged company at two-thirds of net current assets, you just buy it.
Spears: You don't sit there and try to make projections on the future of specialty roll steel mills."
"We have been buying non-US stock since the early 1980's and they represent anywhere from 5% to 15% in our portfolios. We really did it in terms of trying to find more investment opportunities and the rest of the world is pretty developed now...."
Ben Graham Heirs
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