Gentlemen, Professor Graham.

Ben was this incredible teacher.

I mean he,he was a natural, and he drew us all in.

Are Wall Street professionals,they more accurate in the shorter term than the long term forecast?

Well, our studies indicate that you have your choice between tossing coins and taking the consensus of expert opinions,

and the results are just about the same in each case.

It was like learning baseball from a fellow who's batting .400.

It really,it shaped my professional life.

There are two rules of investing according to Warren,

and he learned this from Ben Graham.

Rule number one, never lose money.

Rule number two, never forget rule number one.

Ben Graham basically coined the term "value investing."

He believed in careful scrutiny of a company's financial statements,

and that if you bought value, it would eventually prove out.

A few years ago, I went to Amazon,and sure enough, they had this manual there,

so while reliving my youth，other guys were going to Amazon

and probably buying old "Playboys" or something,

but I bought old Moody's manuals instead,

and when I got out of school, I started selling stocks,

I was 20 years old at the time,looked about 16, and acted about 12,

so I was not the most impressive salesperson anybody ever met.

But what I would do was I went through, page by page,

looking for possibly undervalued stocks.