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The Center of Eye for Long-Term Compounders
For most of his career as a professional investor, I took the approach of trying to buy a dollar bill for 40 or 50 cents or less. The change in thinking I went through last year was to switch from looking at these undervalued businesses to looking at great compounders. If you could identify businesses with very long runways that you can buy even at small discounts for intrinsic value, it may not be 50% off. And then you are right on the runways and the long-term value creation is there.