Margins of Safety


Tim Hartch, Michael Keller and Regina Lombardi of Brown Brothers Harriman & Co. describe what they consider the best reasons high-quality companies can get inexpensive, why they typically avoid turnarounds, why they don’t “ride their winners,” and why they believe Schlumberger, Sanofi, Fuchs Petrolub and TGS-Nopec Geophysical are mispriced.

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