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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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Reputation at Work

If you want to shoot rare, fast-moving elephants, you should always carry a loaded gun.

—WARREN BUFFETT [BUFFETT, 1977–2013, 1987]

IN THE 1970S, BUFFETT USED TO SAY THAT HE WAS NOT INTERESTED IN companies that were going through turnarounds because “‘turnarounds’ seldom turn.” He argued that the same energies and talent would be much better employed in a good business purchased at a fair price than in a poor business purchased at a bargain price [Buffett, 1977–2013, 1979]. Later, Buffett changed his opinion. “Great investment opportunities come around when excellent companies are surrounded by unusual circumstances that cause ...

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