Kevin Hollins

Value Investors, Remember Margin of Safety

Sometimes the best way to double your money is to fold it in half and put it back in your pocket.

For a value investor, determining whether to buy or sell is necessarily preceeded by an analysis which, as JasonC notes, usually includes a discounted estimate of future cash flows. How any investor can confidently make that calculation at this point in time is what has me stumped.

What are the actual assets and liabilities worth, with one being written down and the other being accrued for each quarter in such meaningful amounts?

I have due respect for Mr. Miller, but I wonder if perhaps he is using a different calculator on this one.