Applying Sixth-Grade Math to Free Cash Flow How to Value Companies

What is GULP?

I’d consider our style more as GULP, growth at unreasonably low prices. Why pay a reasonable price for anything? If you’re ever in Pennsylvania and see a license plate that says “10XFCF”, that’s me. That comes from Bill Miller speaking about how things trading at ten times free cash flow, if you understand the business, don’t go down much. Our clients over the years have made a lot of money off that advice.