We have all these semiconductor-equipment managers coming through here. They have no sense of urgency. You'd think that if you were the only capital-rich financial institution in that economy, you would see yourself as something more than just an insurance company. I may be wrong, but they strike me as sort of like a lot of midwestern managements in the 1960s. I think it's easier than trying to play the market and forecast the market's gyrations.
Most investors are outlook-conscious.
I have this easy way of measuring price, quantity and quality. And the kind of investing I do doesn't really depend on how the public stock market does. If I'm right, these very undervalued companies will be taken over, liquidated or refinanced, and that's where you make your money. Since then, three were taken over, we have been approached about joining hostile takeovers of four others and six have made acquisitions, which shows their ability to convert cash into future earnings. If I had the money.