High Value at a Low Price
- Price = what you pay.
- Value = what you get.
You lose money when the price you pay does not match the value you're getting. For example, when you're paying high interest on credit card debt or spending on stuff you hardly use.
You gain money when you look for opportunities to get more value at a lower price: For example, buying quality merchandise when it is marked down.
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Unbelievable how basic these are, but they made Buffet one of the richest man alive.
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"Long ago, Ben Graham taught me that 'Price is what you pay; value is what you get.' Whether we're talking about socks or stocks, I like buying quality merchandise when it is marked down."
WARREN BUFFETT
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