The Word On The Street
Is Heard By All, But Only A Few Listen

The ancient Greek dramatist Euripides said, 'The best of seers is he who guesses well.

You approach stocks as if they were pieces of a business you want to buy at a discount.

Value investing, the way I define it, is finding a good business run by smart people, at a reasonably good price relative to its values today and five or more years from now.

When I started in this business 40 years ago, I spent half my time on research and the other half on things like investment banking. Today I spend half my time on research and the rest hiring analysts.

Just as growth-stock investors will pay a higher price-to-earnings ratio for higher earnings growth, private-market-value investors will pay a higher multiple of cash flow for faster cash-flow growth