Robert Hagstrom on Warren Buffett, Bill Miller and Finding High Quality Companies
Excess Returns
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The Evolution of Value Investing by Jack Warren
Warren Buffett learned the basics what I would call classic value investing from which was to buy things that was statistically cheap. By the time Warren had taking control of Berkshire Hathaway and was starting to buy businesses he found out that statistically cheap stocks always didn't make for great businesses. Charlie Munger kind of moved him off the pivot there and said you know better to buy a good business at a fair price than a cheap business at a great price right? He bought Coca-Cola put a third of his portfolio of a 33% bet of his portfolio that's a big time bet but it ended up being a phenomenal investment. So how did he get there I would argue with pragmatism.
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