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How Do We Identify a Business?
We go through a system of were basically garpnd. Occasionally you get to be a deep value person, so happy to play that game. The rest of the time, you've got to work out what is a business worth. So we try and rate, from the earnings growth over the next couple of years, the price you're paying. Cash flow really key. And then we look for a catalist. One of our bigger positions is a little m effectively finance company called generation development. We like to get it early because we're small and we're always going to stay small. It's probably worth in the 75-100 dollar range. Lote think not cheap, but i