won't bother arguing our differences but will point out that...

won't bother arguing our differences but will point out that Buffett started out buying what was known back then as cigarette butt companies (what we call microcaps now). It's how he made his initial wealth.

No he didn't. He ran one of the world's first hedge funds using his wealthy neighbours as seed capital. Then he bought insurance companies because they provide huge cash flow to purchase other businesses.

Cigar butts aren't small caps. They are big companies that have fallen on hard times.

Everyone loves to be an expert on buffett but few research him! Here is the link for you.....

Try reading "The Snowball' the only authorised biography of Warren Buffett. It will stop you quoting Buffett totally out of context.

https://www.goodreads.com/book/show/2054761.The_Snowball