Buffet and Graham's Cigar Butts

Graham's style emphasized the search for pedestrian companies whose shares were selling at discounts from liquidation value. Graham would later admit that he earned more on one long term investment in a growth company, gico, than in all his other investments combined. Buffet also practised cigar butt investing with great success in the first decades of his career until his partner, charley munger, convinced him to broaden his definition of value and shift his focus to great businesses at fair prices.