"I can’t give you a formulaic approach [to determining intrinsic value] because I don’t use one. I just mix all the factors and if the gap between value and price is not attractive, I go on to something else. And sometimes it’s just quantitative. For instance, when Costco was selling at about 12 or 13 times earnings, I thought that was a ridiculously low value, just because the competitive strength of the business was so great and it was so likely to keep doing better and better. Well, I can’t reduce that to a formula for you. I liked the cheap real estate. I liked the competitive position. I liked the way the personnel system worked. I liked everything about it. And I thought, even though it’s three times book, or whatever it was then, that it’s worth more. If you want a formula, you should go back to graduate school. They’ll give you lots of formulas that won’t work." --Charlie Munger (2018)
Morgan Housel Interviews Brent Beshore at MicroCap Leadership Summit 2019 (LINK)
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