Price is what you pay. Value is what you get.

Buffett is widely quoted using this line in the context of value investing—his long-running emphasis on distinguishing a security’s market price from its underlying business worth. The aphorism is commonly attributed to him in discussions of Berkshire Hathaway’s investment philosophy and in secondary accounts of his talks and shareholder communications, where he stresses buying assets with a “margin of safety” and focusing on long-term fundamentals rather than short-term market quotations. However, the quote also circulates broadly in business media without a consistently cited first appearance, making the precise occasion (specific speech, interview, or letter) difficult to pin down with certainty.

The aphorism draws a sharp line between a transaction’s sticker cost and its real economic or personal payoff. In investing, Buffett’s point is that a stock’s quoted price can diverge from intrinsic value; disciplined investors try to buy when price is below value and avoid paying up when enthusiasm inflates price beyond fundamentals. More broadly, it cautions against confusing expense with worth: a low price can still be a bad deal if what you receive is poor, while a higher price can be justified if the long-term benefits are substantial. The saying encapsulates value investing’s focus on fundamentals, patience, and margin of safety.

1) “Price is what you pay; value is what you get.”
2) “Price is what you pay. Value is what you receive.”