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Woody,

Thanks for the reply. I liked the focus of Graham's advice on how to minimize voting error in buying undervalued equities. I agree with you, however, that one can take that advice as incentive to look for even larger margins of safety. I too am tempted by undervalued small caps. I've been lucky with one in particular lately, and my success there is tempting me to pursue others.

Thanks for the great conversation you guys have going on a fabulous book. I am really learning a lot.

Philip
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