Value strategy
Cigar-Butt / Deep Value
Find the beaten-down, unloved business so cheap that even “one last free puff” — a liquidation, an asset sale, one decent quarter — pays off, whatever happens to the business after that.
6 months – 2 years per holdingIntermediate–Advanced
Benjamin Graham's original method; the “cigar butt” phrase from Warren Buffett's 1989 Berkshire Hathaway shareholder letter, describing his own early style