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The Warren Buffett philosophy was never an immutable doctrine frozen in time. In his first shareholder letter after the death of his late, great partner Charlie Munger last November, the Oracle of Omaha reminded investors how important it is to change with the circumstances (emphasis mine):

Buffett has told versions of this story before, but it’s an important parable for a market that’s in the midst of seismic changes. Traditionally conceived, value investing has gotten crushed by growth-driven approaches for some 15 years, leading some underperforming managers to lash out and declare that something must be amiss — and maybe they’re right. The triumph of growth and momentum has also increased the influence of the so-called Magnificent Seven mega-capitalization growth stocks, fanning concerns about their sway over the benchmark S&P 500 Index.

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