The bottom line is that Buffett evaluates an investment as a business, and cares little about daily changes in its stock price:
I have no idea where the market is going to go...the market knows nothing about my feelings.Needless to say, Buffett gets more interested the lower prices on stocks go. Better buys are made when stock prices fall.
The stock doesn't care what you pay, it doesn't care that you own it. Any feeling you have in the markets are not reciprocated. It's a very cold shoulder.
Finally, Buffett provides insight on how he thinks his life would have played out if he were born at a different time, and with a different set of opportunities:
If I'm lucky, then the way to do it is to play out that game and do something you enjoy throughout your life with people you like. If I could make $100M dollars by buying a business from some guy that made my stomach churn then I'd say no, because that's like marrying for money...which isn't a good idea under any circumstances but if you're already rich then it's crazy.
