This cannot be repeated enough.
The value investor must do the numbers and work to understand the company's value.
Although there are information sources and services that do some of the number crunching, you are not relieved of the duty of looking at, interpreting, and understanding the results.
Diligent value investors review the facts and don't act until they're confident in their understanding of the company, its value, and the relation between value and price.
With great discipline, the value investor does the work, applies sound judgement, and patiently waits for the right price. That is what separates the masters like Buffett from the rest.
Investing is no more than the allocation of capital for use by an enterprise with the idea of achieving a suitable return. He who allocates capital best wins!
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