Warren Buffett and the Value Investors

Warren Buffett and other value investors did extraordinarily well because they could go buy great companies at two or three times EBITDA. And so I think we're sort of in this world where there's still the strong preference for size and liquidity. So it's frustrating and amazing to be able to buy, let's say, let's look at Oxy, right? It's not a bad company. Warren Buffett owns a lot of it. People have looked at it really closely, especially since Buffett started to buy it. He goes and buys oxy at that higher valuation. But you can basically buy smaller businesses that own either the same or very similar assets for a fraction of the valuation of the overall business