How Warren Buffett Built His Empire – Forbes 1990 – Part One: Changing strategy

Warren Buffett's investment strategy has changed dramatically over the years. Indeed, his strategy has gone through several changes, all of which have been inspired by different market environments.

For example, when Warren Buffett started out, running the Buffett partnerships, he was a deep-value investor. As he learned the deep value discipline under the Godfather of value investing, Benjamin Graham, he was rather good at it.

But by the mid-60s, the market was changing, and Buffett was struggling to find opportunities that met his deep value criteria. Here the first change of strategy took place.

[buffett]

Warren Buffett: Berkshire Hathaway

Buffett closed his partnerships and started running Berkshire Hathaway, seeking out other businesses with a high return on equity but low capital...