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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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Conclusion

BUFFETT STARTED HIS CAREER IN THE 1950S AS AN ORTHODOX follower of Graham. At the time, Graham’s investment system was working and was probably beating the market by a considerable margin. When Buffett began investing, the market had finally recovered from the crisis of 1929–1932 and was starting to grow gradually. The next serious market fall, in 1973–1974, was still in the distant future. The beginning of Buffett’s career coincided with a long bull market.

During these years, a whole group of investors showed excellent results. However, what are the reasons that allowed Buffett to leave his competitors behind? One of the reasons involves the organizational side of things. Other managers continued to run investment funds that were ...

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