“An investor is a person who is **convinced that long term investment returns are perfectly correlated to the underlying earnings of the business bought in relation to the paid pr**ice.” ([Location 244](https://readwise.io/to_kindle?action=open&asin=B07CNFFJ9J&location=244)) --- **Tags** -- [[quotes]], [[long-term-thinking]], [[investments]], [[operating-earnings]], [[value-investing]], [[valuations]] **Source** -- [[202506221723 - LN - Modern Value Investing]]