Speaker unverified: evaluation

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…There's your margin of safety. Exactly. I said, this is exactly what we do in high yield bonds. We started doing it, and we made money steadily and safely investing in the worst public companies in America. Remembering my background, I joined the investment business in September of 1969. I had a summer job in 1968, so I got to look at it. But in 1969, I went to work permanently at Citibank's investment research part. The bank was what was called the Nifty 50 investor. The Nifty 50 were considered to be the best and fastest growing companies in America. Companies that were so good, that (1) nothing bad could ever happen and (2) there was no price too high. This was the polar opposite of not appropriate for investment.…

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