“
We think like business owners not stock traders. We ask what would a rational buyer pay for this entire company.
“
We are not contrarian for the sake of being contrarian. We are contrarian because the best values are found where others are not looking.
“
The definition of value has to evolve. A company growing at 20 percent trading at 15 times earnings is a value stock whether the market calls it one or not.
“
Short-term price movements tell you almost nothing about the long-term value of a business.
“
Our goal is to buy a dollar of value for 60 cents. When we find that we buy a lot of it.
“
The hardest part of value investing is holding on when the market disagrees with you for years at a time.