Capitalizing on bear markets and turning points in investment strategies “Buy stock in companies that trade below their intrinsic value.” This is the heart of legendary investor Warren Buffett’s investment philosophy. The key here is “intrinsic value,” a concept that refers to the present value of cash flows that a company will generate in the future. Buffett’s value investing is based on the principle of focusing on the intrinsic value of a company rather than the current market price. In the spring of 2023, Mr. Buffett announced an additional purchase (additional purchase) of the stock of a major Japanese trading