June 06, 2024 | Institutional Perspectives | 8 min read

Warren Buffett is often described as the ultimate value investor. The “Oracle of Omaha” certainly deserves that moniker but what he and Berkshire Hathaway practice is much more nuanced than simply buying cheap stocks. Indeed, in his 2024 Shareholder Letter, Buffett reflects on an early conversation with his late, great, partner of many decades, Charlie Munger, that describes how Munger helped him evolve his approach from what he called in his 1989 letter “cigar butt” investing, to his current approach: Charlie, in 1965, promptly advised me: “Warren, forget about ever buying another company like Berkshire. But now that you control...