phoenix valuation, page-37

Of the ones that i end up buying, i probably buy 2-3 that i end up getting out of for breakeven to a loss, but usually only 10-20% loss. But there is another 2-3 that i end up making 20-100% on.

Sometimes you get pleasantly surprised which one it turns out to be.

That's in a decent market, during the GFC all bets were off, but again that's how some 10 baggers were created.