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Ron Langley, 62, is originally an Australian who has lived in the United States since 1984.
Mr. Langley was a securities analyst prior to joining Industrial Equity Limited (IEL), an Australian investment company, in 1975. IEL was a pioneer in applying the Graham and Dodd value investing approach to active investment in other public companies. Graham and Dodd investing involves the purchase of individual securities at a substantial discount (margin of safety) to underlying intrinsic value, as estimated by fundamental security analysis.
In 1979, Mr. Langley became responsible for IEL's worldwide investments, which were made through Hong Kong-listed Industrial Equity (Pacific) Limited (IEP). During the decade from 1979 until 1989 (the the year that Mr. Langley left IEP), book value per share grew at an estimated annual compound rate of approximately 36%.
Mr. Langley joined the Board of Physicians Insurance Company of Ohio in 1993 and was elected Chairman in 1995. Mr. Langley concentrates on the group's public company holdings and overall strategic direction. | 