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How to Invest in Value
I think that for the most part the safest way of investing in value is just to buy things that are pretty cheap if you look at like what is predictive so that there's very very little that's predictive as a sort of quantitative indicator of how a business is going to do. Once you get past five years valuation is not predictive anymore either and then return on invested capital is variable all these things it's very very hard to predictSo I think given that it's so hard to predict my approach is less like Buffett's where Buffett has this incredible understanding of everything that's going on in the economy because he reads a lot. If you didn't have that kind of certainty about what you're buying