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Howard Marks & Andrew Marks: Something of Value
Acquired
The DCF Formula - The Future of the Industry
The DCF formula requires judgments about the future of a company. It can be a seemingly stalwart company that has immense consistency and whatever, but those can be disrupted. If you would have told me when I was reading the paper, well, newspaper values are mostly going to go to zero because all of the consumer attention is going to be shifting to consuming everything on their computers in an interconnected web of servers that doesn't really exist yet,. Therefore, the newspapers won't have value.
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