Reece post-Morsco, page-18

Yeah fair points. Mostly.

Honesty is something I like. And I know I can be a real tool. So thanks.

Yes I do tend to overcomplicate things at times. Often after a good lie down i do get a good deal of clarity. In fact, I seem to oscillate between on the one hand crystal clarity and simplicity, and on the other hand the obscurity that comes with complexity and even paralysis by analysis.


But thats ok, there's nothing like moving like a snail to enable contemplation and, eventually, even clarity.

And then there's the fact that I often post just to provoke a response.

All of that said, I still contend that if you are buying for keeps, and you are aiming to sell nothing, then the CR price relative to the market price is not relevant. Only intrinsic value should factor in ones consideration.

Unless...

One believes that there are some businesses which have such wonderful characteristics (enduring moat etc etc), that there is no practical way to put an upper limit on intrinsic value. In which case one may believe that acquiring at any price is a good thing, and acquiring at a discount to market, any discount, is even better.

That would be a philosophy that I disagree with. Though admittedly, I too have a hard time detetmining when such businesses are over priced.