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William looked for four things from his investments: a low multiple of earnings, a high growth rate, strong asset backing and a favourable trading forecast.
He had learned two lessons: never gamble when the odds are tipped against you; and always be ready to walk away from a deal once you have reached your limit.
A shrewd investor, in William’s opinion, did not just run with the herd, thundering or otherwise, but worked out in advance the direction in which that herd would be turning next.
