How Did You Become a Value Investor?

When you were a security analyst, your task was to essentially value the business. You would seek to capitalize when the price in the market was at a discrepancy or a delta from that estimation of intrinsic value. So you had to learn to investigate something like intrinsic value conceptually right from the beginning. And that started you thinking about what intrinsic value might actually constitute in some deep sense I would presume. But in this case, the method is simply an abstract one. The only thing that's important for you are the actual business results. Right- so you're trying in some sense as a value investor to put yourself in the seat of a living owner. In other words, Mr. Market shows up