Dorn Van Cleave III was taught the fundamentals of the stock market at the University of Chicago Business School. Cash-flow analysis. Intrinsic value. All those Graham and Dodd rumblings about what makes a company a good stock. In short, the 29-year-old associate at Chicago's Glencoe Capital, a lever-aged-buyout firm, is a die-hard, bottom-up, buttoned-down value investor. His idea of a strong buy is Pre-Paid Legal Services, a company that earned $38 million last year, is growing profits at a rate of 22% a year, trades at a 17 price/earnings ratio, and is now 40% off its 52-week high. He knows better than to fall for a high-valuation new-technology number like Veri-Sign, which trades at a trailing P/E of 6,400. "These new tech stocks have expectations built into them that can never be realized," he says with a sort of somber bewilderment. "People are getting completely caught up in this tech rally and paying ridiculous prices."
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机译：Dorn Van Cleave III在芝加哥大学商学院教授股票市场基础知识。现金流量分析。内在价值。所有格雷厄姆和多德都在抱怨什么使公司成为好股票。简而言之，这家位于杠杆收购公司芝加哥的Glencoe Capital的29岁合伙人是一位顽固，自下而上，固定下来的价值投资者。他的强力买进想法是Pre-Paid Legal Services，这家公司去年的收入为3,800万美元，以每年22％的速度增长利润，以17倍的市盈率交易，现在比其低40％ 52周新高。他比跌跌撞撞地选择高价值的新技术数字（例如Veri-Sign），其市盈率为6,400。他对这些新兴科技股抱有无法实现的期望。人们正在完全陷入这场技术集会，并付出了荒谬的代价。”
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