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Too Many Investors And Contributors On SA Make This Basic Mistake.

|Includes: SPDR S&P 500 Trust ETF (SPY)

This is an exerpt from Steven Romick's latest FPA Crescent Fund letter:


Charles Kettering once said, "There is a great difference between knowing and understanding: You can know a lot about something and not really understand it." It's easy to know a lot of facts about a business but we really seek an understanding of the metrics that will determine a company's success or failure. We firmly believe that if we understand a business first and then invest when its price becomes attractive, we will perform well over time.