As capital grew over time, Warren Buffett had to adapt from cigar-butt investing (buying undervalued mature businesses) to larger positions because the strategy couldn't scale, but this evolution required understanding his own size constraints and how the environment had changed, not abandoning core principles.
causalpending
Speaker
Unidentified Speaker — Adam Karr: Know Yourself, Pick Your Game, Build Your Bluepr… [mQ-Z4_r3IzQ]Evidence Quote
“if you're playing cigar butts um which can be very profitable um but it's difficult to scale that and so as his Capital grew over time you know you have to think about how you show up and how you approach it”
Source
Adam Karr: Know Yourself, Pick Your Game, Build Your Blueprint (Lessons from a Janitor & Investing)— The Knowledge Project PodcastCreated: 8/11/2026, 7:52:47 AM
My Notes
Loading notes...