Like his mentor Benjamin Graham, Irving Kahn fishes in waters ignored by most of Wall Street. Obscure, unloved companies with good managers, plenty of cash and necessary products are among his favourites. A personal holding is Astec Industries, which makes asphalt and road-building equipment and has no net debt.

“In this period of depression, and with the government looking to spend money, it’s rather good to have a company with a position in something so basic, when roads and bridges need to be rebuilt anyway.”