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"'Value investing' is redundant. What is investing if it is not seeking value at least sufficient to justify the amount paid? Paying more for a stock than its calculated value in the hope that it can soon be sold for a still-higher price is speculation." berkshirehathaway.com/letters/1992.h…
"Many see any mixing of 'value' and 'growth' as a form of intellectual cross-
dressing. They're joined at the hip: Growth is always a component
in the calculation of value, constituting a variable whose importance can range from negligible to enormous and negative or positive."
dressing. They're joined at the hip: Growth is always a component
in the calculation of value, constituting a variable whose importance can range from negligible to enormous and negative or positive."
"Growth benefits investors only when the business in point can
invest at incremental returns that are enticing - in other words,
only when each dollar used to finance the growth creates over a
dollar of long-term market value."
invest at incremental returns that are enticing - in other words,
only when each dollar used to finance the growth creates over a
dollar of long-term market value."
