From Business Insider:

In May 1984, Warren Buffett laid out everything you need to know about his investing philosophy.

In a speech at Columbia Business School, later adapted into an essay, Buffett introduced what he called, “The Superinvestors of Graham-and-Doddsville.”

Buffett writes:

“The common intellectual theme of the investors from Graham-and-Doddsville is this: they search for discrepancies between the value of a business and the price of small pieces of that business in that market.”

And that’s pretty much it: Buffett doesn’t think about buying a stock; he thinks about buying a business.

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