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One of my favorite charts is a long-term chart of McDonald's from the 'Seventies and early 'Eighties. McDonald's in 1973 peaked at approximately 75, went down to 22 in 1974, rebounded to 66 in early 1976 and then went sideways for the next five years. Interestingly, the earnings continued growing throughout that decade at a compounded rate of 25% a year and the company never missed a quarter. Despite all that, by its 1980 low, McDonald's was selling at 10 times trailing 12-months' earnings, compared with selling at 75 times trailing 12 months earnings in 1973.
Walter Deemer
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