Finding Great Growth Companies with David Rolfe
Excess Returns
00:00
How to Determine Whether the Price Is Fair
Valuation, at least in our minds, is much more art than science. Companies, their business models change and so historic valuations make a lot of sense. We have to take interest rates into consideration. Some businesses, we owned Berkshire Hathaway for 20 years. They had this big equity portfolio, they have cash. How do you value low cost flow when any float is a liability, but low cost float has qualities of equity? So how do you think about that?
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