What's the Rough Range of Multiples of 20 Times Earnings?

Berkshire Hathaway's Warren Buffett: Half the investors are going to get below average results. The money tends to be fairly captive once it's in a company, he says. It isn't a multiple of today's earnings that is primarily determined by things such as interest rates and reinvestment rate; it's the future that counts. "We don't have any magic multiples in mind," Berkson says.