We spend our time trying to understand the environment, not forecast it. By observing the path of the economy and by studying industries and companies, we hope to be able to put together a portfolio of stocks trading at large discounts to what those companies are worth. If we are right, over time the market price will tend to converge on business value, and investors will earn satisfactory returns.
Bill Miller, CFA
The Intellectual Investor: Income Strategy Weekly Updates (2015 Archive)