I am a great fan of Berkshire Hathaway's Charlie Munger. He has a terrific wit and a brilliant mind. This one statement eloquently summarizes how to think about the investment process:
"The number one idea is to view a stock as an ownership of the business (and) to judge the staying quality of the business in terms of its competitive advantage. Look for more value in terms of discounted future cash flow than you're paying for. Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor."
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