In the context of investing in businesses, this statement speaks to Buffett's notorious long-term view:
"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price." - Warren Buffett
While many of us think as value as synonymous with price – we are wrong. Value can only be truly evaluated long after a purchase is made.
Whether it's the quality of a product or the profitability of a company:
"Price is what you pay, value is what you get." – Warren Buffett
We can also extrapolate this idea beyond the concept of money:
Time, energy and effort is what you pay, [result] is what you get.
