Famed value investor Don Yacktman has always said that his investment style can be boiled down to one simple philosophy, which is "it's almost all about the price." While it's important to focus on good businesses with a strong footprint in their industry and competent management teams, the price and valuation you pay for these businesses will be the main driver of your future return on investment.
This seems to perfectly describe Embraer (ERJ) ("Embraer" or "the Company") - a jet manufacturer I expect will be a big beneficiary from the global economic recovery and secular growth in commercial aviation. Embraer operates on a global scale; with a leading position in emerging markets like Latin America and China,...
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