Munger opined that good investing is paying a lower price than the value of what you receive. At Brandes, we concur. We would observe, however, that price is a fact, while value is a judgement. In our view, a good (value) investor needs to make a sound analytical judgment of business value, regardless of the strength of the company. Armed with that assessment of value, only then can the investor aim to get more value than he or she pays for.

Source: 2021 Daily Journal Annual Meeting Transcript