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<img border=0 src="http://shivnath.c.googlepages.com/Google.JPG"/>Kovitz Investment Management – Why We Are Comfortable Being Uncomfortable - GuruFocus.com Posted: 15 Oct 2011 09:39 PM PDT Kovitz Investment Management – Why We Are Comfortable Being Uncomfortable GuruFocus.com The basic approach is to conservatively calculate normalized cash flows, apply a conservative growth estimate for those cash flows (one that declines over time), and discount them at a rate that approximates the cost of capital. KIG. ...

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