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Remembering a few snippets from Munger this is why he advocates looking for quality businesses but waiting for fair value or below for purchase with a threshold of cper15. His thoughts on this PER may relate to long term market averages of fair value. If you buy at fair value you cannot go too far wrong if the company is growing earnings at 7% plus even if you have wait 3-5 years for valuation to catch up.

I start to get interested in stocks on my list around the 15 range. Say WMT, and JNJ and more interested around the 10-12 range. TSCO.

There are one or two where earnings quality is so good long term eg KO that PERs above may be considered eg up to 18 but the think KO may be the only one.
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