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He met with an old friend at the company, who told him that a lot of people may say that a turn in the technology sector is coming, but we are the biggest on the front end, and we do not see that a turn will come until July or August of 2002. Black likes to deal with managers who can articulate their sense of strategy, how they differentiate their product, and the competitive advantages and disadvantages of the business. This way of thinking is very much akin to a class called Business Policy Strategy that I had in my second year at the Harvard Business School.
The latter serves as a proxy for the true value of the stock at time t+?