Christopher H. Browne purchases stocks the way a thrifty gourmet buys Delmonico steaks — on sale. When the price sinks to $2.50 a pound, you load up. When it rises to $12.99 a pound, you think about chicken.
You won’t catch Browne buying Google Inc. at 55 times earnings. He prefers down-to-earth operations like Dae Han Flour Mills Co. of South Korea, which he found selling at less than one-third its book value in 2005. Browne trudges through data screens to uncover dull companies with shining balance sheets, and he loves prominent corporations that fall out of fashion.
He is, in short, a value investor.
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All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies. – Warren Buffet
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