Value investing is at its core the marriage of a contrarian streak and a calculator. - Seth Klarman Thank you for the encouraging comments that I've received in the last couple of blogs*. It's nice to find out what I write is of help to people. Just to recap, in the first part I looked at how gathering knowledge is a good thing to start with. In essence the better researched that you are, the better chance you have of success. As Peter Lynch put it memorably, If you don’t study any companies, you have the same success buying stocks as you do in a poker game if you bet without looking at your cards. In the second part, I began to look at value and how you can start to find those undervalued companies that have a decent chance of growing into their true value. You actually need to train yourself to think independently of the herd, because if everyone else had thought they were undervalued and had bought the stock, the price would be a lot higher than it is. This is why it
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