The quality mirage
Good companies don’t always make attractive investments. It depends on the price.
Warren Buffett reckons, "It's better to buy a wonderful company at a fair price than a fair company at a wonderful price". Not only is this misleading advice, but it's also counter to what he did. When Buffett was young, he bought cheap crappy companies and made 32% a year—delicious returns. But it's difficult for him to move the needl…