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In the manufacturing-centered twentieth century, it took decades for companies like GE and Ford to scale up, but they also stayed at the top for long periods, before declining over decades. Advice on concentrating your portfolio and having a margin of safety, both value investing nostrums, may work with the former but not with the latter.
Discount rates in intrinsic valaution have to change to reflect current market conditions, and can be expected to change over time. Investment strategies that create concentrations in manufacturing and captial intensive companies need to be balanced with firms that have more flexible cost structures.
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