C A P I T A L
|"Consciously paying more for a stock than its calculated value --
in the hope that it can soon be sold for a still-higher price --
should be labeled speculation (which is neither illegal, immoral
nor - in our view - financially fattening)."
-- Warren E. Buffet
|For more information about
Alston Capital Management LLC,
the Alston Value Fund LLC,
or the Alston Long-Term Opportunities Fund LLC,
please contact: firstname.lastname@example.org
|DISCIPLINED VALUE INVESTING
|"Common-Stock investment as a whole presents a psychological
hazard, because stock buyers are subject to human weakness and are
prone to talk like investors and to act like speculators. But
assuming that the common-stock investor can hold himself rigidly to
a true investment pattern - which means that he will stick to
high-grade stocks bought at reasonable prices - then the experience
of the past fifty years supports the view that he will fare
appreciably better than the bond investor."
-- Benjamin Graham (1949)
| "The genuine investor in common stocks does not need a great
equipment of brains and knowledge, but he does need
some unusual qualities of character."
-- Benjamin Graham
|"Maybe people get a little depressed sometimes and don't want to
pay a lot for stuff. Maybe people get excited sometimes and are
willing to pay a lot. So maybe people simply justify high prices
by making high estimates for future earnings when they are happy
and justify low prices by making low estimates when they are sad."
-- Joel Greenblatt