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.

from Warren Buffett – Letter To Shareholders 2012 on Rap Genius

Meaning

This statement flies in the face of Warren’s mentor, Benjamin Graham’s, theory of “value investing”

Value investing is all about buying stuff on the cheap — below its intrinsic value — but nowadays Munger has convinced Warren to invest in fancy stuff like Tesla

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