
Something of Value
The Memo by Howard Marks
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Investing in Industrial Stalwarts
Industrial stalwarts are more capable than innovators of being valued with precision. It seems intuitively obvious that chugging along as in the past is more predictable and reliable than rapid and durable growth. The process requires only a few simple assumptions, that something that has been successful will remain so that next year's sales will be equal to this year's sales plus some modest growth.
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