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49. Tobias Carlisle - What is Money?
Mutiny Investing Podcast
The Importance of Sub-Market Returns
Buffett's approach has been to wait until the forward returns are about 10%. And then because the markets tend to recover faster and you earn, he's judging that forward returns based on price to what the underlying business can earn. So if you're prepared to wait until you get a valuation that doesn't acknowledge the valuation that you're buying into, then you can get sufficiently good returns.
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