Value Investing

"When you buy a stock, you're not buying a piece of paper; you're buying part of a business. There's often a huge spread between the intrinsic value of the business and the price that a frequently manic stock market is putting on the paper. Buy a stock significantly above intrinsic value and you court a loss. Buy below intrinsic value and you have a good chance of making money over the long haul, with little risk of taking a permanent hit on your capital." -- Benjamin Graham