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As students of value investing, we’ve all read about numerous businesses that Warren Buffett has invested in the last fifty years.
A number of these names regularly appear in Buffett’s annual letters. Especially the ones which he continues to hold – Coca-Cola, See’s Candy, Nebraska Furniture Mart, GEICO, etc. Buffett never gets tired explaining why these companies are great businesses to own.
Each of his investment is an instructive story with valuable lessons to learn. But whenever asked about his best investment, he’s quick to point out that it wasn’t a stock. He says –
Of all the investments I ever made, buying Ben’s book (The Intelligent Investor by Benjamin Graham) was the best (except for my purchase of two marriage licenses).