There’s no question that Warren Buffett is one of, if not the greatest investor the world has ever seen. But how did he develop his unique investment philosophy? Who influenced his way of thinking about stocks and businesses? In this email, you’ll learn about the 3 key investors who shaped Buffett’s philosophy and the invaluable lessons they taught him. 1. Benjamin Graham: The Father of Value InvestingBenjamin Graham earned his title because he revolutionized security analysis, creating a systematic way to evaluate the value of stocks. His books Security Analysis and The Intelligent Investor became the bibles of value investing. Buffett first discovered Graham through The Intelligent Investor. A roommate even noted that Buffett acted as though he had “found God” after reading it. Key Lessons from Graham:
2. Philip Fisher: The Growth PioneerPhilip Fisher focused on finding high-quality businesses with the potential for growth. While Buffett only met him once, Fisher’s book Common Stocks & Uncommon Profits left a lasting impression. Key Lessons from Fisher:
3. Charlie Munger: Buffett’s Right-Hand ManCharlie Munger helped Buffett evolve from buying “cheap” companies to buying wonderful companies at fair prices. Key Lessons from Munger:
Buffett’s EvolutionBuffett started as a Graham-style investor, buying undervalued stocks with little regard for their future potential. However, as his funds grew, so did his need for scalable opportunities. Influenced by Fisher and Munger, Buffett began prioritizing high-quality businesses with long-term growth prospects. His famous mantra, “It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price,” reflects this evolution. Final Thought: What’s your biggest takeaway from Buffett’s influences? Reply to this email or share your thoughts—I’d love to hear from you! |
I dissect the stock holdings, investing techniques and stories from the world's greatest investors. Like, Buffett, Munger, Dalio, Marks, Klarman and more. Subscribe to my newsletter to receive actionable insights and improve your investing skills.
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