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#413 – Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech
Lex Fridman Podcast
Understanding Price and Value in Investing
Investing in the stock market entails understanding the distinction between price and value. Price is what you pay, while value is what you get. The stock market serves as a tool for investors to determine the true worth of assets. It is emphasized that in the short term, market fluctuations are driven by speculative factors like supply and demand, akin to a voting machine. However, over the long term, the market behaves more like a weighing machine, providing a more precise reflection of an asset's value. By accurately discerning an asset's value, investors can effectively leverage the market to their advantage.
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