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Lou Simpson Investing Philosophy
Buffett frequently sang the praises of Lou Simpson. Once, in his 2004 investor letter, Buffett called him â€œa cinch to be inducted into the investment Hall of Fameâ€ based on his return performance history. From 1980 to 2004, Simpson produced an average annual gain of 20.3%, compared to 13.5% for the S&P 500. In that time, he had only three negative years, and only four years of less than double-digit returns. Later, in 2006, Buffett intimated that Simpson, â€œa top-notch investor with an outstanding long-term record,â€ would be the natural replacement for him as CEO of Berkshire, were Simpson not a mere six years younger than him. In a rare interview, Simpson in 2010 told the Chicago Tribune upon his retirement: "My approach is eclectic. I try to read all company documents carefully. We try to talk to competitors. We try to find people more knowledgeable about the business than we are. We do not rely on Wall Street-generated research. We do our own research. We try to meet with top management."
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