MICHEL PIREU: Trading has never been so easy. Or so difficult
While investing has become easier competition in the industry has wildly increased
01 February 2021 - 15:09
As Howard Marks tells us in the Oaktree Capital Management fourth-quarter 2020 letter, when Warren Buffett was applying his “cigar butt” approach to running his early investment partnership, which racked up a tremendous record, he famously used to sit in his back room in Omaha flipping through the thousands of pages of Moody’s Manual.
He would buy shares in small companies that were trading at enormous discounts from liquidation value for the simple reason that no-one else paid attention to them...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.