which is better way to value something?
on the basis of 10 years of past performance or one or two misfires?
Basically, 8 wins out of 11 years or 3 years of bad performance
8/11 = 73% vs 3/11 = 27%
think cricket and Steve smith getting a 50.
Steve smith gets 50 ... 73% of the time and he misses out 27% of the time.
would you put him in your team or leave him out?
MFG Fair Value, page-135
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