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4min chapter
William Green with Guy Spier: Investing Prudently in Perilous Times.
The Education of a Value Investor
How to Valuation Your Business
It's amazing how for how long the Ben Graham discount to book value or discount to two or three very simple measures, buying the lowest desile in valuation worked. And so this thing just turns on itself constantly. It also gives a sense of just how hard the game is. You're trying to see patterns and extrapolate from them and learn from examples of success but you have to do it with a tremendous sense of nuance.
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