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Thanks, Denny, for the Saul reference. I'm reading a post of his from a while ago, I guess his "principles" of investing, and he states:
"My feelings about PE ratios: Just out of curiosity some time ago I figured the average PE ratio of my eight biggest positions. These were rapidly growing companies but the average PE was 20. Note that that goes against the MF RB idea of picking overpriced stocks, or even ones with no earnings. An exciting company with a PE over 200 or something, may do just fine over the long haul, but I've decided "Not for me." If I can find a rapidly growing stock with a reasonable PE, why buy expensive stocks where you have to hope they'll grow into their price?"

I don't know where he goes with this later on the board. I'll read more of the "Saul" postings. My guess is that he's a growth-at-a-reasonable-price investor, focusing mostly on small caps. Is this post still representative of his thinking?

Separately, the exceptional P/E for KO is clearly an anomaly, so I'd disregard it. It's 10-yr. average P/E, though, is 34.8.
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