Price and Value Relationship

Investment success hinges on understanding the relationship between price and intrinsic value. Marks stresses that buying assets below their intrinsic value provides a 'margin of safety,' reducing risk and enhancing potential returns. He illustrates this with the 'Nifty Fifty' stocks of the 1960s, which, despite being high-quality companies, led to poor returns due to overvaluation. 'Investment success doesn’t come from buying good things, but from buying things well,' Marks asserts.