This quote from howard marks inspire us to identify great companies out of the descent ones. We undoubtedly believe that superior results don't come from buying high quality assets, but from buying assets regardless of quality for less than their worth. Its essential to understand the difference between buying good things and buying things well.
A low purchase price not only creates the potential for gain, it also limits the downside risk. The bigger the discount from fair value, the greater the "margin of safety" an investment provides. 😇