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Back In The Sweet Spot...

In an earlier article, I discussed a company that I believed to represent a compelling case for value investors looking for a "cigar-butt" - the company is Ampco-Pittsburgh (AP). When I wrote my first article about the company, I was waiting eagerly for it to decline further in price. Why? It's a cigar butt, so I have to be paid to wait. A lower price for companies of this nature also provides a larger "margin of safety" - something critical to have when one is operating in businesses which are unpopular and struggling.

A "cigar-butt" company is a company that is beat up, repulsive, and just down right unappealing for a myriad...

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