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Michael Mauboussin Master Class — Moats, Skill, Luck, Decision Making and a Whole Lot More
Acquired
Buying Stocks
Most people come up with a valuation by making their own model. They bake in all the assumptions and then say, ok, here's what i'm willing to pay. The poor idea is just basely saying, what do i have to believe? And then let me make decisions as a consequence. John Bur williams said that if you think it's too complicated to forecast what you think the value is, use the tools to go backward.
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