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Strategies & Market Trends : Buffettology

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To: cfimx who wrote (496)	10/26/1998 11:51:00 AM
From: Axel Gunderson	Read Replies (1) of 4690

yahoo doesn't have the track record. But YAHOO has a potentially interesting franchise. My point was that it is a kind of circular logic to estimate the value of a company based upon other's valuation of a company. That is the weakness of the idea of looking at market value added per dollar of retained earnings. All that tells you is market reaction which of course is subject to considerable irrationality. It doesn't matter in this case if YAHOO has a track record or a potential franchise; it was selected as an example of how the method you suggested can be misleading. Axel

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