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“If a stock is selling at a PE of 50, you have to be right about too many things to consider the principal secure: at a minimum you have to be right about both future earnings and future PE. With a PE of 12, several points below the historic average, you can get away with being right about either future earnings or future PE. With a stock selling below book, all you have to be right about is book value and the efficiency of your claim” Andy Redleaf

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