The Oracle’s Evolution: From Merciless Liquidator to Value Icon

Early in his career, Warren Buffett acted as a "ruthless liquidator" who utilized Benjamin Graham’s "cigar butt" theory to acquire and dismantle undervalued companies for profit. Following a public backlash over a windmill factory liquidation and the influence of Charlie Munger, he shifted his strategy toward long-term investments in great companies with "moats" and strong cash flow, such as Coca-Cola and Apple. Buffett's immense wealth is ultimately built on the power of compound interest, the strategic use of insurance "float" to fund acquisitions, and a disciplined, introverted focus on analyzing financial statements