petey2720 Posted November 7, 2011 Share Posted November 7, 2011 Worth a read.Aegis_Value_Fund_Letter_9-30-2011.pdf Link to comment Share on other sites More sharing options...
Josh4580 Posted November 8, 2011 Share 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. Link to comment Share on other sites More sharing options...
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