Talk yourself down

The whole mentality of Wall Street is that if you buy something—even if you’re going to buy more of it later on, or if the company is going to buy its own stock in—the people seem to think that they’re better off if it goes up the next day, or the next week, or the next month, and that’s why they talk about “talking your book.” If we talked our book, from our standpoint, we would say pessimistic things about all four of the biggest holdings we have, because all four of them are repurchasing their shares, and, obviously, the cheaper they repurchase their shares, the better off we are.