The Misuse of the Terms Value Investing and Speculation

All true investing must be based on assessment of the relationship between price and value, says Buffett. The unidorn's term investor best describes Berkshire Hathaway chief executive. In all investment thinking, one must guard against "institutional imperative," he writes. After explaining his preference for investing in productive assets, a series of essays addresses a wide range of alternatives starting with junk and zero coupon bonds and preferred stock.