— Benjamin Graham —“Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it – even though others may hesitate or differ. You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.”
In this Issue:
- Our Investment Outlook
- Cheviot in the Media
- Credits
- Composite Portfolio
- Composite Performance Information

