From an interview Warren gave with Beck Quick on CNBC about his biggest investment mistake. I thought his comments on investment purchases would hit home with focus investors.
BECKY: So that is a lesson you carried with you? And yet, it's one that is—you're reminded of every single day. It's Berkshire Hathaway.
BUFFETT: Yeah. And every now and then, I get tempted. Because I started out with Ben Graham in 1950 or so. And his whole idea was buying things that were cheap. You don't want to buy things that are cheap.You want to buy things that are good. It's much better to buy something that's good at a fair price, than something that is cheap at a bargain price. [Italics added] And I wasn't—I didn't start out that way. I was taught a different system. But—but if I didn't learn from Berkshire Hathaway, I'll never learn.)