Buffett at 96: A Legacy of Value Investing Strategies

Warren Buffett is celebrating his 96th birthday, and his investment strategies have stood the test of time. He learned from Benjamin Graham, known as the father of value investing, and added more strategies to his approach. One key strategy was starting the Buffett Partnership in his 25th year, where he pooled $100 as his own investment and $100,000 from seven investors.

Buffett charged a success fee instead of a standard management fee, which involved 100% returns to investors up to 6%, and on returns above that, 75% to investors and 25% to Buffett. He also offered the 'Highwater Mark' feature, where any deficit below 6% gets carried forward until it's recovered, meaning Buffett wouldn't get a fee.

Buffett invests in stocks trading far below their intrinsic value, taking advantage of their fundamental strength. One notable example was his investment in American Express in 1964, when the stock declined 50% due to a temporary inventory issue but remained strong with its brand image and revenues intact.