I used to be skeptical when Buffett said he never used spreadsheets, or math above basic algebra to valuate a company and that he performed all of his calculations in his head or on paper. After researching and watching videos of Li Lu and Pabrai going through quick valuations in their head I realized that it is in fact true. They use the valuations as filter to determine if they need to look further into the company. It usually takes about 60 seconds. If the numbers don’t pop out at them as a complete no brainer then they move on. This allows them to filter through thousands of stocks.
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The Rational Cloner 