The stock market is filled with individuals who know the price of everything, but the value of nothing. A great company is not a great investment if you pay too much for it — and a mediocre company can be a fine investment if you buy it cheaply enough.

The big difference between what I do and what a lot of people in the hedge fund world do is that I actually think about the economics of the business, whereas a lot of people are just trying to make a quick buck.