The most common cause of low prices is pessimism - sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces.
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The speed at which a business success is recognized, furthermore, is not that important as long as the company's intrinsic value is increasing at a satisfactory rate. In fact, delayed recognition can be an advantage: It may give us the chance to buy more of a good thing at a bargain price.
When investing, pessimism is your friend, euphoria the enemy.
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.
Stocks are the only thing that people are happy to buy when the price goes up.
Don't invest in pieces of papers (stocks), invest in great businesses underlying them.
Investment decision should be made on the basis of the most probable compounding of after-tax net worth with minimum risk.
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