Investing is always more art than science. We have no axioms, only approaches. Rigour might help, but only if partnered with skill. Success is never guaranteed, only tentatively made more likely. Accepting this, it was fascinating to hear some of the investment greats of recent times discuss their approaches in Omaha recently. While I travelled there for the Berkshire Hathaway AGM on the Saturday, the highlight of the trip was the Valuex gathering hosted by Guy Spier on the Friday.  Spier is a well-known figure in the value-investing community and his 2014 book The Education of a Value Investor is…

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