bly seeing in the context of shareholder value, page-7

Great post - but not very useful. There's a reason why only 1% of investors use the value approach. Because it doesn't work. In modern markets everything about a company is know and this information is reflected in the share price. People using the value approach are invariable drawn to consumer based companies which then trade at high multiples which is OK until they slip up. Then you lose big money.

Price discrepancies are rare in the market ...