Is Berkshire Hathaway moving away from Buffett’s investment philosophy under a new CEO? Look at its deals
The problem with cheap companies, though, is they are rarely great businesses. You can only get so far scrounging for cigar butts, as Buffett’s long-time ally Charlie Munger often reminded him. “He actually hit me over the head with a two by four from the idea of buying very so-so companies at very cheap prices,” Buffett once recalled. Munger argued instead for “really wonderful businesses that we could buy at fair prices.”
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