— Dedicated to the highest standard in personalized wealth management. Est. 1985. —

Investment Values

Issue Number 134, April 2020

“Investing is most intelligent when it is most businesslike.”

— Benjamin Graham

“These are ‘the nine most important words ever written about investing.’”

— Warren Buffett

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In this Issue:

Our Investment Outlook
How to Think About Stocks Now (And Forever)
The Allegory of Mr. Market, as Explained by Warren Buffett
Credits and Disclosures

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“Someone is sitting in the shade today because someone planted a tree a long time ago.”

— Warren Buffett

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Cheviot Value
Management, LLC

9595 Wilshire Blvd., PH 1001
Beverly Hills, CA 90212

310-451-8600

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Investment Values

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Cheviot Value
Management, LLC