Value investors look up to Warren Buffett as an example of what’s possible when you invest with care and discipline, but a recent talk given by Professor Sanjay Bakshi at OctoberQuest 2013 highlights how many self-proclaimed value investors are deluding themselves and choosing small short-term plays over real long-term wealth creation. Sanjay Bakshi’s clever investments Sanjay Bakshi starts off by telling about two particularly clever investments that worked out just as he had hoped but still turned out to be foolish. “In December 2001 this company announced a buyback at Rs 250 per share. I bought the stock at Rs 215,…