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Very well written note. Thank you!

Few comments:

1) According to the research done by O'Shaughnessy (sp?) in 'What works on Wall Street' low PSR screen has done well and he calls PSR the king of valuation ratios.

PSR is good not just for small and unprofitable companies but also for cyclicals - as you mentioned in your article, PE won't work here.

2) For highly leveraged companies, EV/Sales might do better as also EV/Ebit.
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