1) Some quotes on quality vs. price -
"Its far better to buy a wonderful company at a fair price than a fair company at a wonderful price" - Warren Buffett
"A great business at a fair price is superior to a fair business at a great price" - Charlie Munger
"Its far better to buy a wonderful company at a fair price than a fair company at a wonderful price" - Warren Buffett
"A great business at a fair price is superior to a fair business at a great price" - Charlie Munger
2) “We’ve really made the money out of high quality businesses. In some cases, we bought the whole business. And in some cases, we just bought a big block of stock. But when you analyze what happened, the big money’s been made in the high quality businesses.” - Charlie Munger
3) “The risk of paying too high a price for good-quality stocks is not the chief hazard confronting the average buyer of securities. Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities...” Benjamin Graham
4) "I would say that if it’s a really wonderful business, we probably come up with higher intrinsic values than most people do." Warren Buffett
5) "Why would anyone want to own a mediocre companies just because it's cheap, when you can own and live with great ones?" T. R. Price
5) "Why would anyone want to own a mediocre companies just because it's cheap, when you can own and live with great ones?" T. R. Price
6) "We don't want any lousy companies. We used to make money buying them and wringing money out, but it is painful, especially when you're rich. Sometimes it happens by accident, and then it is like dealing with your relatives and you hope to get rid of them but can't." - Munger
7)“If you’re in a lousy business for a long time, you’re going to get a lousy result even if you buy it cheap.” - Warren Buffett
8) “Ben Graham had blind spots. He had too low an appreciation of the fact that some businesses were worth paying big premiums for.” - Charlie Munger
8) “Ben Graham had blind spots. He had too low an appreciation of the fact that some businesses were worth paying big premiums for.” - Charlie Munger
9) “The best long term margin of safety comes not from an investment’s price but from the value of a company’s sustained competitive advantage over very long periods of time. That’s what quality investing is all about.” - Thomas Russo
10)"The main thing is to find a wonderful business, like Phil Carret always did. He’s one of my heroes, and that’s an approach he’s used." - Warren Buffett
Hope this explains why I invest in long-term compounders and firmly believe quality > price.
THE END.
Hope this explains why I invest in long-term compounders and firmly believe quality > price.
THE END.
