Rational Prices

My job is like that of a diamond appraiser. Instead of appraising diamonds, I appraise businesses.

There are very few times in life when prices become very irrational. My job is to be patient and be ready to pounce when that happens. Patience is another word for waiting.

What is a rational price? That is an appraisal that requires knowledge and insights. You need to know accounting, economics, business, commerce, math, probabilities, history.