frankyt81

I meant with 10-20% discount the margin of safety to IV, not a discount rate.

Warren Buffet said in the last AGM that he thinks he can compound IV for the next 10 years in the 10% range, if interest rates rise a bit. https://youtu.be/Pwdph0qVb4Q?t=1h11m52s Under this assumption you can get a 10% compounder for 10-20% discount. Not too bad in today's environment.