"Value investing boils down to finding a good business, analyzing it to find the simple truths about it, and deciding whether the truths are on track and the price is right."
The thought process is what counts.
1. Recognizing value situations:
- Growth at a reasonable price (GARP)
- The fire sale
- The asset play
- Growth kickers
- Turning the ship around
- Cyclical plays
2. Making a value judgement in practice
3. It ain't over until it's over
- Keeping track
- Making the "sell decision"
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