Investing Primer

Our investing primer helps investors understand the basics and what matters most.



The financial considerations that are relevant to a situation or activity



The mental and emotional characteristics or attitudes of a person or a group



The value that the public market says an investment is worth at a given moment in time



The intrinsic worth of an investment, which may be more or less than the market price

Knowing what [effect] is happening in your investment program is not as important as knowing why [cause] it is happening.

History tells us that markets are driven by emotions (psychology) in the short term and economics in the long term, and that most market participants pay more attention to prices than they do to values.


is the question that guides success.


Speculators are price-driven


Investors are value and growth-driven

We commonly use the teachings of history’s best investors in our decision-making.

Ben Graham

Value investing pioneer

In the short run, the stock market is a voting machine [popularity], but in the long run it is a weighing machine [economics].

Phil Fisher

Growth investing pioneer

Invest in businesses that have disciplined plans for achieving dramatic long-range growth.

Warren Buffett

Graham and Fisher’s protege

Time is the friend of the wonderful business, the enemy of the mediocre one.

Favorite Investing Practices

Focus on your investments, not the markets, and doing what's rational, not what's popular.

Think of stocks as businesses with intrinsic values based on individual metrics and qualities.

Know your competencies and team up with people who can help you make good choices.

Keep in mind that growth in intrinsic values drive long-term investment returns.

Our goal is to own the best businesses and the mutual funds that own the best businesses.