Following Berkshire Hathaway’s annual shareholder meeting, Warren Buffett and Charlie Munger (later joined by Bill Gates) have a tradition of doing more than a few interviews. Here’s a snippet from their 07-May-2018 interview (video, transcript) with CNBC’s Becky Quick on “Squawk Box,”

You got to remember, that in our way of thinking, all intelligent investment is value investment. Because why would want to buy something which wasn’t worth as much as you were paying for it. And who wouldn’t like buying something for less than it’s worth. So they only difference—when people talk about value investor, you’re always a value investor.

Now, there are various ways to look for value investments, just as there are various places to fish. And the first rule of fishing is to fish where the fish are. The first rule for value investing is to find some place to fish for value investments—where there are a lot of them…I think its a bad use of the language to think there’s a difference between value investing and other good investing. All good investing is value investing, by definition.

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