Warren Buffett：A Wonderful Company at a Fair Price
Warren Buffett《1989 Chairman's Letter》· Mistakes of the First Twenty-five Years (A Condensed Version) · Investing · Wealth · Decision
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
Source：
https://www.berkshirehathaway.com/letters/1989.html
Locator：1989 Chairman's Letter, Mistakes of the First Twenty-five Years · Verified：2026-10-19 · Verification：Short excerpt
Reading
A wonderful business at a fair price beats a fair business at a bargain price.
Context
In the same letter Buffett traces his shift from cigar-butt bargains to quality businesses, a turning point he credits to Charlie Munger and Phil Fisher.
Today's question
Is your largest position a wonderful company at a fair price, or a fair company at a cheap price?
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