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I have learned to take II stock valuations with a grain of salt because many current positions are well above fair value. My instincts suggest otherwise - if we sit 25% above fair value and the potential upside is a big negative, then what are we doing holding the stock? Yet there are plenty of examples, Tim Horton's comes to mind, where fair value was just a road sign on the way to big profits. Is there a reason for this and is it a good thing, a bad thing or a non-event?
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