No Market, Only Companies

“Robertson also learned that "the market," as many called it, didn't exist. There was no market as such, he decided-just a col- lection of companies that trade in one place or another. He came to believe that nobody really makes any money playing the markets. He came to believe that the only way to make money is to buy stocks that are cheap and watch them go up. The hunt for value was what he enjoyed most-the hunt for those opportunities is what drove him to be successful.”

“Robertson believed that he was not the only investor to come to the conclusion that it is easier to find great values than to make market timing judgments as to when the market is going up and down. "Remember, the market timer must be right both when he buys and when he sells," he wrote.^^”