"It is far better to buy a wonderful company at a fair price than a fair company at a wonderful price." In his early years, Old Bar followed his teacher Graham and preferred "cigar butt" investing—buying ordinary companies at cheap prices. Later, influenced by Munger, he shifted focus to company quality, willing to pay a fair price for excellent businesses. "Price is what you pay; value is what you get." The stock price paid and the intrinsic value obtained are two different things. The key to investment is ensuring that the price paid does not exceed its actual value. Even good companies need a good price, but a fair price is not necessarily the lowest price...