Investing is about finding discounts (or margin of safety). The discount is the difference between the intrinsic value of the company, and the current stock price. Intrinsic values of companies do not change daily. Good companies can grow or compound their value. Bad firms destroy value. So the trick is to find good companies, and buy them cheap or at a fair price. They only get really cheap during financial crisis. In normal times, like now, we have to look hard. It is not easy but not impossible. Good companies have what we call business moats. They keep building their businesses around certain factors that keep competition at bay. Business moats are not easy to identify to many laypeople. We would usually think that technology is a moat, or innovation or perhaps government policies. But these are usually not moats. They can keep competition at bay for a while. But ......