Value investing has continued to evolve as well.

Value investing has continued to evolve as well. The founder is Benjamin Graham. Safety margin (cheap price), Mr. Market (living in depression, selling in mania), liquidation value, tobacco butts investment. Version 1.0

Buffett's value investment. Moat (competitive advantage, sustained returns, high long-term performance), quality rather than price, and minimum friction cost (long-term welfare investment). Version 2.0

Nixlip Amazon Investment. Buffett's Apple Investment. Version 3.0. Buffett also applies to tech stocks.

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Value investing has evolved with the times, and major investors in each era have developed it in their own way. This can be explained by dividing it into three versions.

### Value Investment 1.0: Benjamin Graham
- **Founder**: Benjamin Graham
- **Core concepts**:
  - **Safety margin**: Strategy to find undervalued assets and buy them cheaply. Minimizes risk by buying them at a price lower than the stock's intrinsic value.
  - **Mr Market**: portrays the market as an irrational character who moves between depression and mania. Emphasis on maintaining rational judgment without being swayed by market volatility.
  - ** Liquidation value**: Securing investment safety by paying attention to asset value in case the company is liquidated.
  - **Tobacco toad invest**: strategy to buy undervalued stocks like nearly used tobacco toad and earn one last round of returns.

### Value Investment 2.0: Warren Buffett
- **Promote**: Warren Buffett
- **Core concepts**:
  - **Help**: Invest in companies with a clear competitive edge. Focus on companies with sustainable returns and high performance in the long term.
  - **Quality over price**: Choose a quality business over a low price; value the intrinsic value of the enterprise.
  - **Minimizes friction costs**: Minimizes transaction costs and taxes to maximize long-term benefits, and invests in companies that can hold for a long time.

### Value Investment 3.0: Value Investment In Technology
- **Promote **: Nick Slip, Warren Buffett (second half)
- **Core concepts**:
  - **Buffit's investment in Apple**: applies to tech stocks while maintaining traditional principles of value investing. Invests in companies with sustainable competitive advantage through Apple's ecosystem.
  - **NickSleep's investment in Amazon**: applying Buffett's value investing principles to modern tech companies. Investing in the long-term growth potential and platform strategies of companies like Amazon.
  - **Access to technology stocks**: Understand changes in the digital economy and growth in technology-based business models, and apply a reinterpretation of the principles of value investment based on this.

This evolution shows that value investment has changed flexibly according to the times and economic environment rather than a fixed concept. Value investment is constantly evolving from the initial asset-centered approach to a strategy that values corporate quality and competitive advantage, and to modern technology technology.