PLUS1
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If we do not understand the priorities of a customers \\\'buying decision\\\' when analysing a stock, we cannot assume \\\'any\\\' predictability for future earnings in relation to past figures.
I believe lack of focus on this area of research results in by far the most loss of capital on the stock market.
Without customer loyalty, a company\\\'s historic accounts are meaningless and therefore such an enterprise cannot be valued with any margin of safety.
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