Warren Buffet is known for his frugality. Frugality isn't about buying anything at a low price - it is about buying value at a low price.
The key is not just to look at the price, but to keep value in mind, too.
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Similar ideas to Price and Value are Not the Same Thing
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.
...Popularized by investors Benjamin Graham & Warren Buffett, value investing is about buying something for less than it is worth. It's based on this idea that you can find undervalued companies (companies with low P/E - price per earnings). It's hard to do it these days:
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