is the end approaching?, page-11

In the words of Warren Buffett:

If you buy a stock at a sufficiently low price, there will usually be some hiccup in the fortunes of the business that gives you a chance to unload at a decent profit, even though the long-term performance of the business may be terrible. I call this the "cigar butt" approach to investing. A cigar butt found on the street that has only one puff left in it may not offer much of a smoke, but the "bargain purchase" will make that puff all profit.

Although he doesn't agree to this foolish rationale anymore, it must of worked at some point for him given he quoted this to shareholders in 1989.