Value investing means really asking what are the best values, and not assuming that because something looks expensive that it is, or assuming that because a stock is down in price and trades at low multiples that it is a bargain.
Core idea
True value investing demands independent analysis of a business's intrinsic worth, rejecting superficial judgments based solely on high prices or low multiples and apparent cheapness.
Practical application
Apply Millers idea by digging into business quality, durability, and cash flows yourself, instead of blindly chasing low PEs or avoiding strong companies just because their stocks look pricey.
Why it matters
Millers quote highlights that genuine value investing is about discerning true business worth through independent analysis, not relying on surface metrics like price levels or conventional valuation multiples.
