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Research notes
Shorter pieces between annual valuation updates — method, evidence, and the occasional correction.
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Where auto retailers make their money, and what the market pays for it
Three findings from putting the eight listed US auto retailers on one basis: what the group actually is, where the gross profit comes from, and why the franchised dealers trade on single-digit earnings while the used-only names do not.
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Why book value still matters for Berkshire, and only for Berkshire
Book value is a discredited measure almost everywhere. Berkshire is the exception, and the reason is worth understanding before you use the multiple.
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