Death, Taxes, and Reversion to the Mean / Michael Mauboussin's latest paper on reversion to the mean - why high return on capital can't stay high forever - incorporating reversion to the mean in DCF valuations - "Good to great" and "Great to good".
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More Holiday Reading
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Death, Taxes, and Reversion to the Mean / Michael Mauboussin's latest paper on reversion to the mean - why high return on capital can't stay high forever - incorporating reversion to the mean in DCF valuations - "Good to great" and "Great to good".