#warrenbufffett #berkshirehathaway #charliemunger #bengraham #cigarbutt #investmentstrategy #valueinvesting #scalability #longterminvestment #berkshirehathawayannualshareholdersmeeting #benjamingraham #lowhangingfruit
Warren Buffett and Charlie Munger is known to be insightful for giving the best advice on Investing. In this video, Warren Buffett explains that Ben Graham’s cigar butt strategy is not scalable. And Charlie Munger shares that it does not work in a competitive investment landscape today, with few low-hanging fruits. He opines that is it better to buy great companies (that goes up and up) at fair prices. Are they right or are they wrong? Watch until the end to find out.

Timestamps
00:00 Introduction
00:30 Ben Graham – Father of Value Investing, Cigar Butt Investing 101
01:50 Crowding in with little low-hanging fruit
02:39 Real money in Great Companies that go up and up
03:57 Wise up, Avoid Stupidity
04:18 Ben Graham was Warren Buffett’s Boss and Mentor
04:42 The world changed and Berkshire moved from Cigar Butts to buying Great Companies at Fair Prices
05:40 Keep learning and don’t be a one-legged man in a ass kicking contest
06:18 Ben Graham’s Cigar Butt was not scalable, not with big money
07:20 Look at stocks as a business and have a margin of safety
07:30 Sub-Working Capital Stocks are hard to find
09:40 In praise of Walter Schloss, a true Ben Graham believer
10:50 Sub-Working Capital Investing is a group operation
11:22 Beware regulatory changes, investing in one era can be different from another
12:50 Sub-Working Capital Companies Investing usually not of big size and may not apply to some Tech Companies

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Warren Edward Buffett is an American business billionaire tycoon, investor, and philanthropist. He is presently the chairman and CEO of Berkshire Hathaway. He is one of the most successful investors of all time with a net worth of over $100 billion, which would be even more counting the billions he already donated to various charities and foundations.

Charles Thomas Munger was a wise, perspicacious American billionaire investor, businessman, and lawyer who gets to the core of complex matters in seconds. He cut to the chase, and often which his unique sense of humor. He was the Vice-Chairman of Berkshire Hathaway and business partner of Warren Buffett. Their friendship is legendary and worthy of emulation. Charlie Munger passed away on November 28, 2023, at age 99, one month short of 100 years old.

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