‘It’s not about what you buy, it’s how much you pay for it.’
This is a great talk from Howard Marks about some of the most important things around investing as part of Google’s ongoing video series. Marks has a strong affinity towards value investing and sees the stock market as a losing game unless you have a method or a system for valuing a company. Don’t just look at great companies, look at companies who are undervalued.
Marks says that many people get caught up investing in assets and there’s a perception that assets are everything, but really, the important key to making money than buying quality assets or investing in good companies is buying for things for less than they are worth.