How to Start Value Investing

It was 21 October, 1993.

Warren Buffett was on a TV show called “Adam Smith’s Money World”.

The host asked:

“What investment advice would you give a money manager just starting out?”

The Oracle of Omaha replied:

“If he were coming in with small sums of capital, I’d tell him to do exactly what I did 40-odd years ago, which is to learn about every company in the United States that has publicly traded securities.”

Smith said:

“But there’s 27,000 public companies!”

The legendary value investor replied: