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Reasoning by Analogy

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I’d say most of the ideas that have made money for the portfolio have been the result of some form of reasoning by analogy. One example: Applying well-understood U.S. investment ideas to markets outside the U.S. During the time when one newspaper towns in the U.S. were another version of Buffett's toll booth, there were a number of European newspapers that were dominant local monopolies which were still trading at attractive multiples and I was able to do very well with them.
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