petey2720 Posted November 7, 2011 Posted November 7, 2011 Worth a read.Aegis_Value_Fund_Letter_9-30-2011.pdf
Josh4580 Posted November 8, 2011 Posted November 8, 2011 Overall decent letter. However this guy focuses too much on book value, tangible book value, and replacement value I feel. More important are free cash flow multiples and EV/ebitda-capex multiples.
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