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" if I could just figure out how to properly value these companies. I just got a book called Value Investing: From Graham to Buffet and Beyond and maybe this is a good stock to try out some of the things the author mentions."

Here's a link to my own recommended reading list:

The thing to keep in mind with valuing businesses is that you can never be very precise. Who can say what free cash flow will be 5 years from now? Only time.

An exercise I often rely on is to develop a set of possible scenarios for the business: as many as possible. I try not to leave out any feasible scenarios. Then it's actually not that difficult to get a good sense for the value of the business for each scenario. Afterwards, I will try to estimate the likelihood of each one. The end result should give you a sense for the range of things that might play out and a sort of probability distribution of the value of the business.

Keep in mind that the worst and least likely scenario can potentially happen as it did for me recently with ASW:
If you scan down to the scenarios, Scenario 5: All hell breaks loose within the business actually occured the day after I posted it and the price actually closed very near to $10, down from around $26 the day before. Bad stuff happens.

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