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There's another applicable quote from Seth Klarman applicable here:

The payoff to fundamental analysis rises proportionately with the difficulty of performing it.

I know Buffett has a "too hard" pile and that that concept would seem to run contrary to this, but given the modernization of the markets, Klarman's wisdom here is worth considering.

Actually, we were talking about this yesterday and someone said that while you can find "cheap stocks" anywhere you'll only find "inefficiently-priced stocks" in places where it's hard to look. Obviously, that latter group is what generates the largest returns.

Tim
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