"Investment is most intelligent when it is most businesslike." According to Buffett, these words, written by his mentor Benjamin Graham, are the nine most important words ever published about investment.

Unless a business owner is extremely foolish (or naive), he or she wastes no time continually working out the value of the business. Rather, his or her focus is firmly on day-to-day operations.

Stock investment is no different. After all, stocks represent part ownership of a business. If the business does well, you will do well. This belief gives value investors an entirely different perspective from other investors. It puts their focus firmly on the real business issues, not the daily price quotations.

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