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Bill Nygren - Fundamental Investing From A Generalist’s Perspective

Value Investing with Legends

CHAPTER

The Travel Industry Stocks That Got Hard Hit

The travel industry stocks were some of the most hard hit and there is no clear path to making earnings forecasts from that. It was very difficult to come up with a discounted cash flow model for booking that made it look expensive. The company had less financial leverage than the market did with actually with excess cash on the balance sheet. We liked the management team, we thought they thought intelligently about investing capital.

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