"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."
— Warren Buffett
Its Far Better To Buy A
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
About this quote
This line appears in Buffett's 1989 Berkshire Hathaway Chairman's Letter, and it marks a pivotal statement of his evolved investment philosophy. In the same letter he credits Charlie Munger with helping him move beyond Benjamin Graham's "cigar butt" approach — buying cheap mediocre companies — toward seeking high-quality businesses at fair prices. The letter also revealed Berkshire's landmark investment in Coca-Cola, which Buffett had quietly begun accumulating in 1988 and which exemplified the principle.
Source
Berkshire Hathaway Chairman's Letter, 1989
