"Price" and "Value" are different

Recently Warren Buffett spoke at his annual meeting and reviewed the distinction between "Price" and "Value"...concepts that are very much confused these days...He reviewed that over 30 years ago he bought his home in Omaha for a very low price, and it is very priceless now...ditto for many of the other things he has bought...He mentioned that even if a high quality object is priced high, it can be priceless over time, and that is his method of investing.... I well remember when I attended the Masters program in Wisconsin in 1969...The outstate tuition was $1000 a semester..I had just worked a year for $500 a month in Minneapolis and saved for the first semester, and a friends family borrowed me the second semester tuition....It seemed like an enormous amount to owe....$1000. Just days after paying my second semester tuition, the University was shut down with riots over the Vietnam war...classes cancelled...no refunds for tuition given...However, the relationships I formed with the UW film society of grad students were the priceless thing that year that I only discovered years later... When we bought a home in Evansville, I remember it was in December of 1989...and the home cost $49,900. Over 25 years, the home would allow us to refinance and help our kids go to college, and all the while enjoying a home built in 1912 with craftsmanship and quality...And even though the price seemed high for us though low for many of our loved ones in the Metro Minnesota scene...we avoided the inverted mortgage heartache that has plagued many friends and families...Only over time have we understood the "value" we have enjoyed. So there it is...price always seems high...but over time...on reflection...when things or skills or relationships of quality are obtained...there are just smiles in the memory...