I think the practice Jamie Rosenwald gives his Stern students in the "Global Value Investing: Theory and Practice" class is neat: The class gets to pitch a stock with "skin-in-the game", since one tenth of the $1 MM he donated to the university endowment would be invested in one or two stocks a year, chosen from the student recommendations.
Condition: Each stock needs to return 10% a year plus inflation.
To sum up:
Find something worth $1 trading at 50 cents; research, research, research; and then buy it and sit on it-Mr. Rosenwald
Outcome: [Read it at Barron's]: student picks Leucadia National [LEK] and trucking company Arkansas Best [ABFS] won.
