Walter never went to college, but took a course from Ben Graham at night at the New York Institute of Finance . Walter left Graham-Newman [Partnership] in 1955... He knows how to identify securities that sell at considerably less than their value to a private owner. And that's all he does . ...He simply says, if a business is worth a dollar and I can buy it for 40 cents, something good may happen to me. And he does it over and over again.