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Thanx for the link, it does put an entirely new spin on some of my earlier comments.

It doesn't however change the main point I was trying to make, which is price determines return.

To my mind regardless of how much a company has increased revenues, earnings, dust in the corner (just wanted to see if you were paying attention), or reduced debt, if an investor overpays, their risk of ownership may be greater than their expected reward for ownership.

Without some understanding of what a reasonable valuation for a company actually is, something I have rarely seen in a TMF article, balance sheet changes are just that, balance sheet changes.

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