No. of Recommendations: 1
Vish

Thanks for the comment. Sadly, I’m closer to the end of my time at TMF than the beginning. The internship wraps up in about three weeks. It’s been a great experience so far.

I mostly came to understand what I know of investing through Buffett and Munger. Therefore, while I look for great companies, of which Sun is certainly one, I also strive for some reasonable margin of safety. That doesn’t have to be all price based, but it’s a fairly large part. As you say, what seems expensive at the time often looks cheap in hindsight.

Looking strictly at the multiples, SHNY seems expensive… which is what I would expect from a company such as this. I must admit my research was limited strictly to the 10-K, so I haven’t read any earnings reports, looked at competitors, or studied the market. It may be there is more value here than I realize.

Just out of curiosity, I took a look at their past growth and expected growth for the next two years on S&P Capital IQ. They had tremendous growth in 2010-11 coming off the market bottom. Less than .5% in 12-13 and about 5% YTD. I can’t speak to the accuracy of their predictions, but Capital IQ expects around 10% each of the next couple of years.

Brian
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