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...

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