Valuation is not a process in which a Graham value investor makes stuff up as he or she goes along. In the view of Michael Price: “Intrinsic value is what a businessman would pay for total control of the business with full due diligence and a big bank line. The biggest indicator to me is where the fully controlled position trades, not where the market trades it or where the stock trades relative to comparable [businesses].”2 There are some businesses with certain qualities that Munger will not touch with a ten-foot pole:
