Subject: Re: buy Canadian
It's worth noting that an expansion from 25x to 40x isn't actually that large a fraction of the 16 year annualized return. If I did the math right, I think that's only 3.7%/year of the 28.4%/year market total return.

A good reminder that revenue/earnings growth is always the most important item when evaluating an investment opportunity. Sometimes we all get caught up in valuation details...

tecmo
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