80 Tips about Value

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I’m looking for steady cash flows, rein vested on owners’ behalf by honest and able management. Steady cash flows come from businesses that, for...
Sir John Templeton had one of the best methods for keeping emotion out of the process. He used to do his calculations of intrinsic value when there...
One of the best lessons I learned early on was to look at companies as companies first – to understand what they want to achieve and the likelihood...
First and foremost we want to invest in businesses that have the fundamental ability to earn attractive returns. There may be a core business that...
We just don’t see the sense in putting money in our 30th-best idea. We do pay attention to end-market diversification, within our companies and...
Many value investors are primarily focused on price and valuation, which we obviously think are important, but we also believe that when constructing...
My threshold for pain is high as long as I believe I’m still right. Historically, we’ve made a lot more money on the long side when what we...
We may be willing to hold until 110% of appraised value if management, through its strategic decisions or capital allocation, has a proven history of...
The metrics we use to determine value are pretty much what you’d expect. We do private-market-value analysis using discounted future cash flows and...
Historically, value investors have found opportunity in declining businesses with companies that could milk cash flow and make smart investments...
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