Value Investing Reimagined: How Buffett Moved Beyond Cigar Butt Stocks | The Acquirer's Multiple®

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Value Investing Reimagined: How Buffett Moved Beyond Cigar Butt Stocks | The Acquirer's Multiple®

Warren Buffett’s approach to investing has evolved significantly over the decades, and his remarks during the 2003 Berkshire Hathaway Annual Meeting offer a glimpse into that transformation. What began as a strict adherence to Benjamin Graham’s quantitative approach to investing eventually shifted toward a more nuanced understanding of business quality—largely influenced by his long-time partner, Charlie Munger. Buffett acknowledged the profound…