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I am pleased with the progress we have made in the early months of the year as we have executed on our initial plans, and I am confident we will achieve our financial ambitions as well as delivering attractive, sustainable shareholder value during the next five years. STG, which is publicly traded on the NASDAQ Copenhagen, has a large handmade cigar portfolio that includes retailers such as Cigars International, Cigar.com, Cigarbid.com, Thompson Cigar, PipesandCigars.com and Cigora

New Zealand Journal of Ecology, 47 (1)

Buffet follows the Margin of Safety investment principle borrowed from Benjamin Graham and only considers companies trading at a considerable discount (40% or more) to their DCF value