Price is what you pay; value is what you get.
Analysis
The quote 'Price is what you pay; value is what you get' is a well-known investment principle attributed to Buffett. It appears in his 2008 letter to shareholders, where he discusses the distinction between market price and intrinsic value. The statement aligns with his long-term value investing philosophy.
Background
Warren Buffett's annual shareholder letters are widely regarded as authoritative sources on his investment strategies. The 2008 letter was published amid the financial crisis, emphasizing the importance of focusing on value over short-term price fluctuations.
Verdict summary
Warren Buffett did state this in his 2008 Berkshire Hathaway shareholder letter.
Sources consulted
— Berkshire Hathaway 2008 Shareholder Letter (Page 5) - https://www.berkshirehathaway.com/letters/2008ltr.pdf
— The Essays of Warren Buffett: Lessons for Corporate America (Lawrence A. Cunningham, 2001)
— Investopedia: Warren Buffett's Investment Philosophy - https://www.investopedia.com/articles/financial-theory/08/warren-buffett-invest-like.asp