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2015 Fourth Quarter Commentary

For printable version which includes all graphs and tables, please click here. Goodwill to All No, we are not leading off with glad tidings for the New Year. That comes later. We are leading off with a topic that we believe to be very important to our work in determining risk and the intrinsic value of securities we consider for your portfolio. You hopefully remember our discussion from our 2nd Quarter 2015 Commentary relating to financial engineering of earnings per share through corporate stock buybacks. We stated that, in general, goodwill and other intangible assets have been growing at a much faster rate than tangible assets for the last few years. This is due to financial engineeri

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