Course 110:
Buying at a Discount to Fair Value
In this course
1 Introduction
2 Price Matters
3 Waiting for the Fat Pitch
4 Margin of Safety

Even though you now know about economic moats (see Stocks 109) and have perhaps uncovered a company that has at least one good-sized moat, unfortunately, your work is only half done at this point. You can't just go out and pay whatever the market is asking for this stock until you calculate what it's worth. Otherwise, you might end up having to hold the stock for many, many years to get a decent return on your money. And in some cases, you might never get one.

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