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buy stock that appears to be at its very worst point.
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that is textbook "value" philosophy investing, versus "growth" investing. the two philosophies take turns leading the way with the best returns. value has been doing better than growth for a number of years.
Clodfobble - i am not an accountant so i can't tell you about audits.
i can tell you that if there is "no market" a "no market" letter can be used as proof that the stock is a loss.