Investment Values

Issue Number 112, October 2014

“Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal. At other times he will do better if he forgets about the stock market and pays attention to his dividend returns and to the operating results of his companies.”

— Benjamin Graham

In this Issue:

  • Our Investment Outlook
  • Common Stocks and Common Mistakes
  • When Charlie Munger Speaks…
  • Composite Portfolio Update
  • Cheviot Composite Disclosure

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