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There is a big difference between "price" and "value."

What the stock market is telling you every day with the share price of a given company is obviously the "price." What the underlying business is doing on a daily basis determines the "value." That value relates to the assets a company owns and the future cash flows those assets will generate.

Stock prices change very quickly, while real world businesses move pretty slowly. That creates the opportunity for a value investor.

I've been pretty heavily invested in and continue to buy small and mid-sized Canadian light oil producers. The price part of the equation for these companies has been driven over that past year by a Canadian stock market that...

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