There is a company, founded in 1889, with a long track record of rewarding its shareholders, that is now trading at a P/E ratio below its historical norms while it is primed to grow earnings per share at 13-16% over the medium term because certain risks are coming off of its balance sheet and other assets under its umbrella are about to become much more valuable. My own view is that 13-16% earnings per share growth will mix with P/E ratio expansion to deliver 15-20% annual returns over the medium term, far outpacing the returns generated by index fund investors in the S&P 500 in general.
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