Buying cheap businesses — "cigar butts" — at very low prices, hoping to profit from a final puff (asset liquidation) rather than future earnings. Buffett abandoned this Grahamian approach in the mid-1970s in favor of buying "wonderful businesses at fair prices."
| Year | Relevance |
|---|---|
| 1962 | first |
| 1964 | key |
| 1965 | key |
| 1985 | key |