
Something of Value
The Memo by Howard Marks
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The Grahamian Value Framework
The grahamian value framework was created at a time when things could be stupidly cheap based on clearly observable facts. In the early years of this century, information and analytical methods were still hard to come by. One still had to mail away for annual reports as recently as the 19 nineties. Fast forward to to day, and everything has changed. The investment industry is wildly competitive, with tens of thousands of funds managing trillions of dollars.
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