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Title: There is no such thing as magic formula
Review: Even a magic formula fails once it is exposed, just like Benjamin Grahm's formula. This formula has worked only for a certain number of years only in US markets. If the same formula would have applied to Japanese market for last 16 years, it would fail. That's why the international stocks are made a 'convenient exception.' I would keep analysing this theory, but certainly won't risk any money on this.
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