Price is what you pay. Value is what you get.
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
Value investing is at its core the marriage of a contrarian streak and a calculator.
Risk is not inherent in an investment; it is always relative to the price paid.
Find a business you understand, with a dominant market position, where management has high integrity. That's it. That's the whole strategy.
Figure out what something is worth, and pay a lot less for it. That's the whole game.
The Magic Formula works because it ranks companies by two things that matter — how cheap they are and how good they are. Everything else is noise.
I think about businesses the way a farmer thinks about land — something you acquire, improve, and hold for generations.
Patience isn't passive. It's the active decision to wait for the right opportunity instead of settling for a mediocre one.
A great business at a fair price beats a mediocre business at a cheap price — every single time over the long run.
A wonderful company on sale is the only thing worth buying.
I spent years studying Buffett and Graham. Then I studied monetary history and realized the denominator matters as much as the numerator.
The best investing education in the world is free. Read Buffett's shareholder letters. They're all online.
A cheap stock is not the same as a good investment. That distinction is everything.
Great fundamentals plus great timing equals great returns. You need both, not one or the other.
Factor investing is value investing that finally learned to check its homework against the data.