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Trying to clarify my statement,


insofar as considering the slope means differentiating between
a price rise based on new info, or a price rise based on market
fluctuations and selling in the belief that it's "overvalued" at
the moment, what does 'slope' bring to the table compared with:

1. benkea's trading around a core position
2. peter lynch's concept of following the story and adjusting
your bet based on new info or the lack thereof.


I think Buffett/Munger faulted Graham for not looking for "drivers"
of value realization. Whitman would be faulted the same. When
you look at Whitman's Japan investments, that's a clear case of
no drivers anywhere on the horizon.

How does slope take into account drivers? If USG is at $8
it could be for no reason, or it could be because of congressional
legislation or some other asbestos development. And drivers
are not also cut-and-dried real/false. There's often a blur at
decision time.

Just failing to understand the utility of "slope" other than
as a very general concept. Apologies in advance . . .

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