Why the golden age of value investing is over

In 1995, I read two books that changed my life: Benjamin Graham’s The Intelligent Investor and Roger Lowenstein’s biography of Warren Buffett. I was hooked on value investing. I could not get enough of it. In those days, however, getting enough of it was hard. It was the infancy of the internet, so it wasn’t as if I could just Google “Warren Buffett” or “value investing”.

The first thing I could get my hands on was Berkshire Hathaway’s annual report. I had to look up the phone number in the phone directory. After that, I placed a phone call using a landline. A nice lady with a Midwestern accent picked up the phone, “Berkshire Hathaway – how can I help you?”

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Bloomberg Opinion