You know, i can show you a fifth avenue pen house with beautiful views and lovely rooms, but if i ask you to pay in 25 billion dollars for it, you're going to tell me to go pound sand. You know, at some point anything is too expensive. I wouldn't have the right to call myself a value investor if i didn't believe that the price i was paying was an essential input of the value i was ultimately getting. And our network actually had bill miller on orcho. He bought amazon at the i o and he bought even more during the tet crash, after the two thousand tech bubble.

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