However, I do have one question. The blogger lists it as a cautionary tale, and Grant seems extremely frustrated by the whole process.
But Grant also mentions the following
The company pays a 3%+ dividend
The company compounds book at least 5% every year
Whenever I do the math w/ those two facts, plus buying in below NCAV, I get an absolutely outstanding return. As a matter of fact, it’d be hard to put in numbers that don’t result in a mid-teens+ CAGR on the investment.
So is it really a cautionary tale? Or a tale of how buying with a huge margin of safety + having patience leads to outstanding long term result.
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