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It all becomes clear. Thanks for the link. Sorry for the slow response; I have been out of town. I think Bill Miller's approach is at least worth thinking about. Although there is no doubt that he jumped into Amazon too quickly and he certainly is not a traditional value investor (in the Ben Graham sense of the term), it is hard to argue with his long-term results. But I think if you follow his approach, you have to have a more diverse portfolio. Put another way, he is willing to take on more risk if he thinks there is high return. In that sense, his approach does begin to look more and more like a growth stock speculator but the difference, at least from Miller's perspective, is that he bases his decisions on a discounted cash flow analysis. Of course, that begs the question of whether you can truly run a calculation that provides a potential value (i.e., currently valuing LVLT). Miller thinks yes and says that the key is to provide yourself with a larger margin of safety do to the increased riskiness. I am not sure he did that with his initial purchases of Amazon although five years from now I would bet he ends up being right.

Anyway, thanks again for the link trp. I have enjoyed reading your posts.

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