Value investing!

To value investors, an asset isn’t an ephemeral concept you invest in because you think it’s attractive (or think others will i nd it attractive). It’s a tangible object that should have an intrinsic value capable of being ascertained, and if it can be bought below its intrinsic value, you might consider doing so. Thus, intelligent investing has to be built on estimates of intrinsic value. Those estimates must be derived rigorously, based on all of the available information.
“The Most Important Thing,” July 1, 2003

Value investing!