Quote of the day…

When the market does whatever it does tomorrow in reaction to the September jobs number — or in early November in reaction to you know what, or in December in reaction to whatever the Fed does, or on and on — before you start thinking about the share prices of your portfolio’s positions, think about John Mihaljevic’s wise words in his blog post from yesterday:

If you need a market price in order to feel like your stock investments are worth something, you may not be a value investor. Equity markets do not bestow value upon stocks. Markets provide an opportunity to buy or sell at prices that may or may not have much to do with intrinsic value. Just like you do not seek a quote on your home every day, you should not view the liquidity of stock markets as a key feature of equity investing. Value investors look to the business rather than the market for their investment return.

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