But the combination of highly valued stocks, optimism and the fact that we have seldom found it this difficult to find underpriced companies tends to hamper our enthusiasm. Many years of experience tells us that there is shadow in paradise as well. We do not want to hunt for stocks in expectation of being able to or having to "follow suit" with the stock markets. We have our doubts and from experience we find wisdom in the saying: ”Results often follow – when adrenaline flows”.
Letter to Shareholders Nielsen Global Value 2005


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