Ep 386. Takeaways from Warren Buffett’s Shareholder Letter and Analyzing Ted Weschler’s Dillards Investment
Focused Compounding
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The Value of Assets
The only way to think of the asset is what it's worth to people, you know, economically in general. I don't see any other way of doing it except asking what's the value to a private owner. Ben Graham thought about stock as a business instead of thinking of it as a stock. That's the way Buffett and Munger think about it.
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