“I’m not cheap. I’m working my way up to cheap.” Warren Buffett, parrying an insult.
The billionaire investor did nothing to dispel his reputation for giving his Dollar TLC by taking his new bride to the Bone Fish Grill in an Omaha mall in a combined wedding and birthday celebration last month. He does not however fit the old saw of a man who knows the price of everything and the value of nothing. Buffett’s gift is having a telescopic sight for the value of a company. He even cautions against buying a share simply because it looks cheap. He calls low-priced businesses with intractable problems “cigar butts” — you may get a couple of puffs out of them before casting them into the gutter but it’s not a great way to invest….
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