The 10 Rules of Expectation Investing

I was looking at your expectation investing website. One of the things a lot of investors tend to do is they try to use a simple evaluation multiple to sort of get an idea of a company's cheap or not. I'm wondering if you could talk a little bit about that, and how you think about simple multiples. The question is always, what do I have to believe for this thing to make sense? And that's a fundamental question that you should always be posing about anything like this.

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