
Something of Value
The Memo by Howard Marks
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Buffet's Cigar Butt Investing
Buffet used to invest in growing companies such as cocacola, gico and the washington post. His recent investment in apple has been one of his most successful overtime. Graham and Buffet cigar butts had featured low valuation metrics. This caused some value investors to elevate this characteristic to be the corps consideration in their investment process.
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