Paying enough less than a conservative estimate of value that being somewhat wrong still leaves a return.
Look for situations where the range of outcomes is wide but the chance of permanent loss is small, because the market prices both as risk.
Idea generation, special situations, and any pitch where the obvious objection is that the outcome is unknowable.
From The Dhandho Investor · Mohnish Pabrai
The price of risk tracks the mood, so the useful time to buy is when the mood is worst, and the dangerous time is when it is best.
Any question about market timing, contrarian investing or what to do in a crisis.
From Berkshire Hathaway's 2008 letter to shareholders · Warren Buffett
Decide what a business is worth before looking at the price, then act only when the price is far enough below.
Any stock pitch, any conversation about whether a market move is a reason to act, and any valuation that starts from the price.
From The Intelligent Investor · Benjamin Graham