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Strategies & Market Trends : Buffettology

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To: jhg_in_kc who wrote (2807)	5/17/2001 1:24:45 AM
From: James Clarke	Read Replies (4) of 4691

I'm very interested in KREM too. When it gets to 10, let me know. You have to be careful of my advice on valuation though. I might have said I'd be interested in Dell at 25, but didn't buy until 18. I don't know what price I said I'd be interested in Rambus, but if it was greater than 10 that must have been when I was still doing crack. Just fair warning that when KREM gets to 10 don't expect value investors to bail you out because by then my price might be 7, because these perfect stories with no barriers to entry at 100 times earnings somehow always run into trouble. Funny how that happens. Growing restaurant company, $35 million pretax cash flow run rate. The most I'd pay for that would be $350 million. The market cap of the company is $1.5 billion. Just a guess - you own KSS too? Say three words before you go to bed tonight and click your heels. Margin of safety.

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