We Analyze the Current State Against our Estimate of the Future Sate of theBusiness and Apply Appropriate Multiples to our Forecast of Future Fundamentals

Once we’ve donethis, we take all of ourstocks and put them into adashboard, which is just ourmaster Excel worksheetthat has all the valuations.Then we sort by reward-to-risk, and this is what reallydrives the framework forour portfolio. Sortingthrough that reward-to-riskhelps us make our buy andsell decisions and portfolio-weighting decisions.

“The mostimportant thing inthe market, as inalmost anyendeavor, isdiscipline.”

Presented ToThe Ivey Business SchoolBen Graham Centre for Value Investing