“Warren Buffett told me once and one of the rare times by the way he ever advised me directly that it's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”
— Lebron James
Simplified Meaning:
Warren Buffett once gave advice, saying it’s much smarter to invest in a great company, even if it costs a bit more, rather than buying a so-so company just because it’s cheap. Imagine you have some money to buy a car. One option is a well-made, reliable vehicle that will last years and needs little fixing, but it costs a bit more. The other option is a cheaper car that looks like a great bargain but has a history of breaking down. While the cheap car might seem like a good deal at first, it could end up costing you more in the long run because of constant repairs. Similarly, investing in something of high quality, even if it requires spending more, usually pays off better and gives more security and satisfaction over time. So, when making decisions about where to put your money, it’s wiser to focus on quality and long-term benefits rather than just looking for the lowest price.
