#19 The Value Investor
Behind the Balance Sheet
Value Investing Is Dead, Price Is the Great Arbiter
The notion that value loses during the latter stages of a bull market, we've seen just insanity and speculation. If businesses get too undervalued, you see them taken private by the board of directors in the management where you see acquisitions. Even in my portfolio Costco traded at 50 times earnings. It's one of the best businesses on the planet. It's not worth 50 times Earnings per Share (EPS)
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