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Excess Returns: A comparative study of the methods of the world's greatest investors by Frederik Vanhaverbeke

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CHAPTER A

INVESTING PHILOSOPHY AND STYLES

“It is extraordinary to me that the idea of buying dollar bills for 40 cents takes immediately to people or it doesn’t take at all. It’s like an inoculation. If it doesn’t grab a person right away, I find that you can talk to him for years and show him records, and it doesn’t make any difference. They just don’t seem able to grasp the concept, as simple as it is.”

WARREN BUFFETT (GRAHAM, 2003)

BEATING THE MARKET is not easy. notwithstanding this, Table 1 showed that some people have managed to beat the market over the long term by a significant margin. Virtually all of them have a specific strategy and philosophy (i.e., a view on how inefficiencies are created in the market and how they can be exploited) ...

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