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The Warren Buffett Philosophy of Investment: How a Combination of Value Investing and Smart Acquisitions Drives Extraordinary Success by Elena Chirkova

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Comparing Buffett with Other Investors

It is better to be approximately right than precisely wrong.

—WARREN BUFFETT [BUFFETT, 1977–2013, 1993]

IN THIS CHAPTER, WE WILL COMPARE BUFFETTS INVESTMENT STRATEGY to those of two other investors. The first is Robert Merton, a famous financial theorist, a critical contributor to the Black-Scholes paradigm, a Harvard Business School professor, a Nobel Prize winner, and one of the founders of the notorious Long-Term Capital Management (LTCM) hedge fund. Based on the efficient market hypothesis, which we briefly discussed in the Introduction (and continue to discuss in Chapter 5), a new approach to investment ...

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