
Something of Value
The Memo by Howard Marks
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Value Investing Isn't About Low Valuation Metrics
Value investing doesn't have to be about low valuation metrics. Value can be found in many forms, and is often hard to quantify. Not all companies expected to grow rapidly will do so, but it's very hard to fully appreciate and fully value the ones that will. If you find a company with the proverbial license to print money, don't start selling its shares simply because they've shown some appreciation. You won't find many such winners in your lifetime, and should get the most out of those you do find.
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