Accurate Estimation of Real Value

For value investors, “asset” is not merely a concept for short-term investment because it has appeal (or because others find it appealing). An asset is a tangible item that should possess clear intrinsic value; if it can be acquired at a price lower than its intrinsic value, it should be considered for purchase. Therefore, intelligent investment should be based on the estimation of intrinsic value, and these estimations must be calculated rigorously using available information. (George) The Most Important Thing (THE MOST IMPORTANT THING)