PRICE

"There are bulls and bears for every share at every price." Nick Train

"It is our argument that a sufficiently low price can turn a security of a mediocre quality into a sound investment opportunity." Ben Graham

“Price is a liar.” John Burbank

“The market has an amazing way of giving you great opportunities to see the truth. You just need to realize that the price and the truth aren't always the same. Looking at daily prices makes it harder for me to see the difference.” Chamath Palihapitiya

“A similar wisdom can be applied to market quotations. Once we understand that they can often be mirages, we can transcend them and come to see stocks simply as shares of businesses…which in the end is the one and only reality." Francois Rochon

“Price is what you pay, value is what you get.” Warren Buffett

"Price means nothing other than the equilibrium of liquidity." John Burbank

"The price of a stock at any one moment reflects the conventional wisdom of other investors." Ed Wachenheim

“Just as a thermometer gives you a temperature reading today but says nothing about tomorrow, a stock price or its movement over shorter time frames say nothing about how much that business might be worth in the future.” Steve Romick

"Prices fluctuate more than values - so therein lies opportunity." Joel Greenblatt

“Price is my due diligence.” Warren Buffett

“As a youthful analyst I used to have a notice on my desk that read, ‘share prices are more volatile than corporate cash flow, which is more volatile than asset replacement cost.’ It was a reminder to concentrate on non-transitory items. Today I would update such a notice to read, ‘share prices are more volatile than business values’, but the gist is the same; a reminder to focus on last value, not transitory prices.” Nick Sleep

"Price fluctuations don't affect business values, so if a price decline erodes my confidence it's usually a sign I've waded into murky waters with blind spots in my business understanding. Although there have been times where a declining price caused me to re-assess and admit a mistake, in most cases I welcome lower prices as it allows me to buy more stock cheaper." Allan Mecham

“We can all observe that stock prices, set in an auction market, are more volatile than business values. Several studies and casual observation reveal that individual prices oscillate widely around a central price year in year out, and for no apparent reason. Certainly, business values don’t do this. Over time, this offers the prospect that any business, indeed all businesses, will be meaningfully mispriced.” Nick Sleep

“Pick any Company you want – the price is very volatile over short periods of time. It does not make sense to me that their values are nearly as volatile as the prices and therein lies what should be a great opportunity.” Joel Greenblatt

“The share price can be an indicator of the health of a company, but is often not a good predictor. There are times when companies are thriving but their share prices are flailing for external reasons, and vice versa. Over the longer term, I consider business fundamentals much more important than short-term sentiment or gyrations in the multiple.” Scott Miller

"What is smart at one price is dumb at another." Warren Buffett

"The price must have a rational basis." Frank Martin

"No business is attractive at any price." Shelby Davis

"There's no investment idea that is so good that it can't be spoiled by too high an entry price." Howard Marks

"The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It's just that simple." Charlie Munger

"Price is the all-important consideration." Gerald Loeb

“Price determines return.” Ben Graham

"An important observation to us is that price matters enormously. The starting price has everything to do with your compound returns." Chuck Akre

“Prices do not exist in a vacuum, but are tethered to something, even if by a huge bungee cord.” Frank Martin

“In our view, there is no such thing as a value company. Price is the essential determinant in every investment equation. At some price, every company is a buy; at some price, every company is a hold; and at a still higher price, every company is a sell. We do not recognize the concept of a value company.” Seth Klarman.

“They say the key to successful investing in real estate is location, location, location. We think the mantra for any type of successful investing must be price, price, price.” Christopher Bloomstran

“By itself risk does not create incremental return; only price can accomplish that.” Seth Klarman

“Pursuing quality regardless of price is, in my opinion, one of the riskiest – rather than safest – of investment approaches.” Howard Marks

“There’s good assets and bad assets but good prices and bad prices supercede whether the assets are good or bad.” David Abrams

"Even the ugliest of assets purchased at the right price can make a great investment." Marathon Asset Management

"Nearly every issue might conceivably be cheap in one price range and dear in another." Benjamin Graham

“Some notable investors have smartly pointed out that the best assets can be poor investments at the wrong price, and shabby assets can be great investments at the right price - a savvy insight worth committing to memory.” Allan Mecham

“Investors who had no idea of the private worth of their holdings were susceptible to being scared out of them. Their only measure of value was the stock price, so the more the price dropped, the more they were inclined to sell. Davis was panic-proof.” The Davis Dynasty

“The concept that investment risk is less a function of the individual company than the price of its stock is not recognized by many investors.” Chris Browne

“The single biggest determinant of investment returns is the purchase price.” Josh Harris

"Price - the only thing that should matter to any investor." Christopher Parvese

"It’s simple: the relationship between price and value is the only thing that guides our decisions." Warren Buffett

"Day-to-day market prices can tell you as much, if not more, about market buyers and sellers than about underlying values. Over my career, it is clear that an understanding of psychology has been as important as a degree in accounting.” Bruce Berkowitz

“If there were a straightforward, reliable and universally accepted way to arrive at appropriate security prices, (a) securities would likely sell at or near those prices and (b) over-optimistic highs and over-pessimistic lows wouldn’t be reached. But the most optimistic psychology is always applied when things are thought to be going well, compounding and exaggerating the positives, and the most depressed psychology is applied when things are going poorly, compounding the negatives.” Howard Marks

“Is there information content in price fluctuations? Might the market have foresight into the future? It could, but it’s very hard to tell; we believe it’s best to think of the market as a place where hordes of buyers and sellers come together to transact and set a price. The information content largely involves what people are willing to do – volume and price – on that day. And such data rarely foretell that a downturn is coming, or a recovery, or any other macro insight.” Seth Klarman

“We do not look at the stock market or the individual price movements within the market to draw any inferences from, or any particular macro or micro information. In other words, we are totally stock market agnostic. We look at investments in particular businesses. We look at the market merely as a place where we go to buy and sell our equities when we decide it is the right time to buy and sell those equities; otherwise, we do not deal with the stock market.” David Polen

“We remain as market agnostic as ever. But, being market agnostic does not mean a lack of conviction. It just means that our convictions relate to the individual businesses we own and the valuations needed to generate the returns we aspire to.” Chuck Akre

"On any given day, market prices are driven almost 100% by sentiment. As one's investment horizon lengthens, however sentiment matters less and returns are more dominated by cash flows." Andy Redleaf

“We find stock prices often move far more than our fair value estimates.” Chad Clark

“Focusing on the price of a stock is dynamite, because it really means that you think that the stock market knows more than you do. Now if the stock market may know more than you do, but then you shouldn’t be in stocks. The stock market is there to serve you and not to instruct you.” Warren Buffett

"Securities prices rise and fall much more than profit ... Why is that so? Primarily, I think, because of the dramatic ups and downs in investor psychology.” Howard Marks

“Stock prices fluctuate much more than intrinsic values do. That’s the opportunity that Ben Graham saw many decades ago, and it’s the opportunity that still presents itself today on an annual basis.” John Huber

"Business fundamentals, not price quotations, convey useful information." Seth Klarman

"The only true test of whether a stock is "cheap" or "high" is not its current price in relation to some former price, no matter how accustomed we may have become to that former price, but whether the company's fundamentals are significantly more or less favourable than the current financial-community appraisal of that stock." Phil Fisher

"Investors must never mistake an investment that is down in price for one that is bargain priced; undervaluation is determined only by a security's price compared to its underlying value." Seth Klarman

“The stock market is filled with individuals who know the price of everything, but the value of nothing.” Phil Fisher

“The key to successful investing is to relate value to price today.” Walter Schloss

"Success in publicly traded equity investment rests on drawing superior conclusions on the worth of a company versus the price available in the stock market." Marathon Asset Management

"To the extent price deviates markedly from value, opportunity presents itself, whether as a buyer or as a seller. Understanding the difference between price and value is perhaps the most critical aspect of investing.” Christopher Bloomstran

“Even the world’s greatest business is not a good investment, if the price is too high.” Lou Simpson

"It is not liquidity or perfect price discovery that ensures good pricing, but knowledge of value. It is when we lack this knowledge that we demand liquidity and price discovery as poor substitutes." Andy Redleaf

"Value in relation to price, not price alone, must determine your investment decisions." Seth Klarman

"Precisely because their knowledge base is so thin, financial markets take seriously a huge amount of information of very dubious value: specifically their own prices. Lacking a more substaintial basis on which to make decisions, financial markets set prices to an astonishing extent by watching - prices." Andy Redleaf

“I always like to look at investments without knowing the price – because if you see the price, it automatically has some influence on you." Warren Buffett

“It’s a little hard when you looked at something at X and it sells at 10X to buy it. It shouldn’t be, but I can just tell you psychologically it’s harder. If you looked at it in the first place and passed at X to buy at 10X. It’s cost people a lot of money. It cost people in Berkshire. People saw it at a lower price and they say if it gets back there I’ll buy it, that’s a terrible way to think.” Warren Buffett

“Value investors know – although efficient market believers fail to comprehend – that the underlying value of a security is distinguishable from its daily market price, which is set by the whim of buyers and sellers, as are the prices of rare art and other collectibles.” Seth Klarman

"Our experience over the last 20 years taught us that stock prices in the short term don’t always reflect what is occurring in the underlying companies, sometimes for long (and frustrating) periods of time. But in the long term, the market ultimately reflects the true value of a business." Francois Rochon

"At one price any company is a terrible purchase, and at another price virtually any company is a good investment" David Hurwitz

“Obviously good ideas get bid to such high prices that they get dangerous just because there's no investment that is so good you can't ruin it by raising the price higher and higher, because none of them are worth an infinite amount of money.” Charlie Munger

"I don't need a stock price to tell me what I already know about value." Warren Buffett

"When someone says, ‘I wouldn’t buy that at any price,’ it’s as illogical as, ‘I’ll take it regardless of price’.” Howard Marks

"Prices are continuously moulded by fears, hopes and unreliable estimates. Capital is always at risk unless you buy better than average values." Irving Kahn

"With prices set at the margin by the most emotional person, or the greediest person, or the most depressed person, it is hard to argue that the market always prices rationally. In fact, market prices are frequently nonsensical." Warren Buffett

"Price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal." Benjamin Graham

"Following Ben's teachings, Charlie and I let our marketable equities tell us by their operating results - not by their daily, or even yearly, price quotations - whether our investments are successful. The market may ignore business success for a while, but eventually will confirm it." Warren Buffett

"The final determinant of investment success or failure is market price." Gerald Loeb

"Price is perhaps the single most important criterion in sound investment decision making." Seth Klarman

"The beauty of stocks is that they do sell at silly prices from time to time. That's how Charlie and I have gotten rich." Warren Buffett

“Access to fluctuating daily quotations for our holdings is more often a distraction than an advantage for a fund with permanent capital.” James Anderson