THE SEVEN FUNDAMENTAL BELIEFS - Belief #3

Inflation is the only true enemy. Trying to predict economic variables and the direction of the market or the economy is a waste of time—focus on businesses and their values, and remember Belief #1. Don’t waste time. Accurately predicting economic variables, such as the interest rate or the direction of the stock market, would be very profitable for an investor. But it is not possible, and it will never be possible. Therefore, value investors do not concern themselves with chasing shadows—they focus on what is more substantive.

THE SEVEN FUNDAMENTAL BELIEFS - Belief #3