In Pursuit of Quality
Though Warren Buffett is the best known disciple of Ben Graham, his career would have been very different without the influence of two figures who encouraged him to invest not just in classically Grahamian “Cigar-Butt” situations but also high quality businesses with long term growth potential. Though a “Cigar-Butt” opportunity can provide a substantial one time gain, high quality business can produce a long term gain of many times the initial investment over the long term. The first figure to influence Buffett to focus on high quality businesses was his well