第一點，學生時代的畢菲特，曾在哥倫比亞大學商學院（Columbia Business School）修讀老師Benjamin Graham的課堂，從此改變他的一生。從價值投資之父身上，畢菲特學懂「煙蒂屁股」投資法（Cigar-butt Investing）及最重要的兩條投資法則：第一條「不要輸錢」；第二條：「不要忘記第一條法則」。
第二點，從最佳拍檔Charlie Munger的身上，畢菲特學懂“A great business at a fair price is superior to a fair business at a great price”的道理，意思是「寧願用合理價錢買入優秀企業，也不要以低價買入平庸的企業」。我翻查《Poor Charlie’s Almanack》一書中第69頁，畢菲特曾說“Charlie shoved me in the direction of not just buying bargains, as Ben Graham had taught me. This was the real impact Charlie had on me. It took a powerful force to move me on from Graham’s limiting views. It was the power of Charlie’s mind. He expanded my horizons. ”可見Charlie Munger對於畢菲特後期選股策略的改變-----從早期集中挑選「煙蒂屁股」到後期傾向投資擁有經濟專利公司的股票，產生關鍵性的影響力。