Unformatted text preview: ng), 2003.
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Investor Question 7: Investment Philosophy
Most views consistent with standard finance theory: Economic reality (not accounting reality) Account for the cost of the lost opportunity Align interests of agents and owners
Align Focus on the time value of money, and intrinsic value creation
Focus Question 7: Investment Philosophy
But some views seem inconsistent with finance theory: Risk and discount rates Diversification
Diversification Some views seem partially consistent: Invest based on information and analysis, not hunches
o market inefficiency?
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