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MAR 02, 2013 - Business Insider

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A Wonderful Lesson From Warren Buffett That Explains One Of The Biggest Mysteries About Amazon (AMZN, BRK)

Warren Buffett is known as the world's most famous "value investor," but that term is not well understood. In his latest letter to shareholders (.pdf), Buffett includes a great paragraph explaining that value is not synonymous for cheap. More than 50 years ago, Charlie told me that it was far better to buy a wonderful business at a fair price than to buy a fair business at a wonderful price. Despite the compelling logic of his position, I have sometimes reverted to my old habit of bargain-hunting, with results ranging from tolerable to terrible. Fortunately, my mistakes have usually occurred ... Read More

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