From Warren Buffet's business partner and Vice Chairman of Berkshire Hathaway --
To us, Investing is the equivalent of going out and betting against the pari-mutuel system. We look for the horse with one chance in two of winning which pays you three to one. You are looking for a mis-priced gamble. That is what investing is. And you have to know enough to know whether the gamble is mis-priced. That is value investing.
Charlie Munger
