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Value Is in the Eye of the Beholder
In volatile and difficult times, that's when we make the most money. We shop for years of future returns. Value is in the eye of the beholder. And on the domestic equity side, where we buy us tocts, we're trying to buy stocks that are worth a dollar, but we only want to pay 60 cents for them. So we want to buy them at a forty % discount to what we think they're worth.