In every analysis you need to isolate what the real assets are and you must not forget to examine the franchise to do business, to review the character and competence of the management and to estimate the outcome if the whole business had to be turned into cash.
Peter CundillThey really canโt afford to be contrarians. A major investment house canโt afford to do research for five customers who wonโt generate a lot of commissions.
Peter Cundill