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#413 – Bill Ackman: Investing, Financial Battles, Harvard, DEI, X & Free Speech
Lex Fridman Podcast
Understanding the difference between price and value is crucial in investing
The key lesson from the Intelligent Investor book by Benjamin Graham, as highlighted by the speaker, emphasizes the importance of understanding the distinction between price and value in investing. Price signifies the cost paid for an asset, while value represents what is received in return. The stock market, portrayed as a means to benefit the investor, functions as a platform to determine the worth of investments over the long term, unlike the short-term speculative nature often seen. By discerning the true value of an asset through thorough research and analysis of business fundamentals and industry dynamics, investors can distinguish between speculation and informed investing, thus making well-founded decisions in the market.
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