"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."
So buying great companies at reasonable prices can deliver solid returns for long-term investors. The challenge, of course, is identifying great companies and determining what constitutes a reasonable price.
If investing in wonderful companies at fair prices is good enough for Warren Buffett -- arguably the finest investor on the planet -- it should be good enough for the rest of us.
The devil is in the details.
http://myinvestingnotes.blogspot.com/2009/07/warren-buffetts-priceless-investment.html
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