If investors do not know or never attempt to know the fair value, they can pay any price. More often, the price they pay is far greater than the actual value.

Short-term price fluctuation is not the real risk. It is an opportunity.

Prices are adjusted up to the cumulative perception of risk of all market participants.

Human behavior and information bias play a huge role in transaction prices. It creates short-term opportunities that can be exploited.

Market prices only matter at two points of time in the investment life cycle. First when you buy and second when you sell. In between these two points, value matters.

Last transaction price cannot and should not be a tool to measure the success or failure ofinvesting.

Detach yourself from day-to-day price action. As an investor, your primary focus should always be the business.

If your initial decision to buy is based on market price, all of your subsequent decisions will be based on price.

In a rapidly rising market, the stretch of prices between two points of time is amplified, then so is the general public’s behavior towards prices.