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The History of Value Investing and the Evolution of Valuation over Time
From the Wild West days of the stock market before 1929, to the crash of 1929 and the Great Depression, to the regulations enacted by FDR, value investing was born. John Burr Williams and Ben Graham pioneered the concept, followed by Phil Fisher and Warren Buffett. Then came the age of mass media and consumerism, with investors like Peter Lynch and Charlie Munger focusing on quality businesses. The current phase started in the mid-90s with the internet boom, leading to new valuation techniques and famous investors like Marc Andreessen and Kathy Wood.