PRICE

Price is what you pay. Value is what you get.

The key is not to find good assets, but to find good assets at prices below their intrinsic value.

Superior investors are those who have a better sense for what's in the price.

Price is a consequence of value creation, not the other way around. If a business creates enough value, the stock price takes care of itself.

The stock market is filled with individuals who know the price of everything, but the value of nothing.

Leucadia succeeds because we don’t have a strategy. We have a price. If it’s cheap enough, we’ll buy almost anything.

You cannot pay any price for any stock, no matter how good. No matter how great the company is.