PICKING STOCKS
It is a difference of opinion that makes horse races.
—MARK TWAIN
The value-investing philosophy is simple: Look for great companies whose stocks are inexpensive relative to their dividends and earnings. It is pretty much the same philosophy held by John Burr Williams, Benjamin Graham, Warren Buffett, and other value investors—great companies at a fair price. Buffett has two advantages over us ordinary value investors. First, his reputation gives him sweetheart deals. Companies that want a public-relations stamp of approval sell stock to Buffett at bargain prices that aren’t available to the rest of us. Second, his insurance companies ...
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