#19 The Value Investor
Behind the Balance Sheet
The Multiple Expansion and the EBS Growth
The S&P total return is 16.6%. The multiple expanded from 12 to 23.6%, 6.1% per annum. We've had a bit of a correction in multiple, but not that much. In an inflationary environment, we should see contraction in multiples. If you were to take the Warren Buffett turns out was wrong.
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