Learning from Mistakes & Financial Alchemy | Buffett's 1989 Investment Evolution

Warren Buffett's 1989 letter marks 25 years of Berkshire Hathaway under his leadership with a remarkable section on "Mistakes of the First Twenty-five Years." This candid self-reflection reveals Buffett's evolution from "cigar butt" investing - buying cheap, mediocre businesses for quick profits - to his mature philosophy of buying wonderful companies at fair prices.

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