Volatily is an opportunity

episodically–it becomes easy to buy pieces of wonderful businesses at wonderful prices.It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient”markets exist only in textbook.In truth marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.Controlled businesses are different breed.They sometimes command ridiculously higher prices than justified but are almost never available at bargain valuations.Unless under duress,the owner of a controlled business gives no thought to selling at a panic-type valuation