Ronald Langley

RONALD LANGLEY is Chairman of PICO Holdings, Inc. He is an Australian
who has lived in the United States since 1984. Mr. Langley was a
securities analyst prior to joining Industrial Equity Limited, an
Australian strategic 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. During the decade from 1979 until
1989 (the year that Mr. Langley left IEP), book value per share grew at
an estimated annual compound rate of approximately 36%.