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Jan 23, 2022Liked by Philoinvestor

Investing is more an art than a science. I like to think of successful investing as being an opportunist and recognizing opportunity where ever it may be.

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“All smart investing is value investing” - Munger

Unless you pay something less than it is worth you can’t make superior returns by definition.

That "less" doesn't necessarily mean a low multiple, it must be low vs the strength of the company.

Great article Philo!

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