Rule of Price
I have found that most investors pay more attention to what they are buying, and very little to the price they are paying for it. They look at sales and growth figures, products and markets, but at the end of the day, whether they pay 12 times last years earnings or 22 times seems to matter very little.
I take the opposite approach: I do need to know what I am buying, but I am even more concerned about the price. The goal is to buy something for less than it's worth. This approach is called value investing, and it is the approach taken by the world's most successful investors.
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