I make two guarantees to my students:
- If they make good valuation work I guarantee them the market will agree with them. I just don’t tell them when. It could be a couple of weeks, could be two or three years. But I tell them the market will agree with them;
- In 90% of the cases for an individual stock, two or three years is enough time for the market to recognize the value they see if they have done good work. When you put together a group of companies that actually on average happens much faster.