While Buffett is currently known as a friendly investor who abhors hostile takeovers, in his early years, he was a very different investor. In addition, he often bought businesses with no durable competitive advantages, and he could have been considered a corporate raider because he would buy shares in a company to force management to make the changes he wanted. Buffett likes to call his early investing strategy, ?cigar butt investing,? but the term ?cigar butt? is a euphemism, and the ?free puff?, he discusses, from the cigar butt typically involves liquidating a business.

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