I hope the one I made yesterday was a good one. But they’ve always been kind of simple and obvious to me. The truth is, you know them when you see them. They’re so cheap. When I got out of Columbia University, I went through the Moody’s manuals page by page—the industrial manual, the transportation manual, the banks and finance manual—just looking for things. And I found stocks at one times earnings. One was Genessee Valley Gas, a little tiny company up in upstate New York, a public utility selling at one times earnings. There were no brokerage reports on it, no nothing, but all you had to do
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