Warren Buffett, Benjamin Graham, and Walter Schloss.

One man invested with them all early on.

Long before track records and teachings made them, more (Buffett) or less (Schloss), household value investing names.

The man was Robert Heilbrunn (1908–2001). So what can we learn from him?

With experience, we may realize how little we know what others know. Then we may start seeing some peers, role models, and competitors as great investing opportunities.

This does not mean that we have to become fully passive, fund investors. Think of it more as expanding our current abilities. By allocating capital with or in the spirit of unique investors and entrepreneurs, we can get in on:

If available in public markets, as minority investors we can "piggyback" with liquidity.

So lose some of that active investor ego. Like Robert Heilbrunn, we should be on the lookout for our hard-to-copy investing superiors.

This was a @commonstock preview of "An Original PiggyBack Investor", Your Analyst's look into Robert Heilbrunn's value investor life lessons. All references are to the original article.

PiggyBack Letter #5 2022 features the rest of this article, plus some modern-day value investing link curiosities already shared @commonstock.

Johan Eklund, CFA

PS: You may want to consider subscribing (for free!) if you appreciate PiggyBack! Also, any @commonstock likes, reposts, or follows @piggyback are highly appreciated! 🐖🐖🐖