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June 21, 2017

DM Summer Newsletter 2017

FOCUS ON INTRINSIC GROWTH, LET PRICE FOLLOW – In presentations to clients and prospective clients, we spend significant time discussing company cash flow and why this metric is so important within our investment process. From our perspective, firms that are generating (and especially growing) excess cash have a relatively quantifiable intrinsic value and don’t require us to rely as much on possible future corporate developments for investment return, events which regularly fall short of market expectations.

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