...especially when they are about the future. - Yogi Berra.
My daily in-box of readings typically include commentary from this or that asset manager. The following sentence (name changed) sort of raised my eyebrow for some reason:
"At Acme Asset Management, we do not attempt to predict the future. Our focus continues to be seeking to identify quality businesses priced at what we believe to be a discount to their intrinsic values"
If you believe that an intrinsic value that has not manifested itself at the present, but will do so at a future date, how are you NOT engaged in prediction?
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