Saturday, April 09, 2011
Showdown in the Sunshine State, by Megan McCardle, from this month's Atlantic
A well-written account of how two different investors can reach vastly different estimates of intrinsic value. I don't agree with McCardle's conclusion -- "Markets have become more efficient; the inefficiencies that the value discipline thrives on are being squeezed out of the system" -- but her article is a good window into the kinds of business problems that occupy me more or less daily.
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