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Simple But Not Easy: An Autobiographical and Biased Book About Investing by Richard Oldfield

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Chapter 13 – Valuation matters

There are different ways of managing money, just as there are, purportedly, many ways of skinning a cat. My friend Charles Elliott had a formidable record as an analyst at Goldman Sachs. The word “discovery” is over-used in the investment world, but he can claim to have discovered, with a handful of other professionals, Nintendo, SAP and TomTom, all companies which produced dazzling growth in the years thereafter. At the party given for him when he left Goldman Sachs to set up a hedge fund in early 2007, one of his former colleagues pointed out that the price of Nintendo had risen 40 times since he first recommended it in the early 1980s. Charles quietly corrected him. “440 times, actually.”

In his valedictory ...

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