It's Monday, August 24th. Welcome to Mark Foolry. I'm Chris Hill joining me in studio for

monthly fool Deep Value Ron Gross. Thanks for being here. My pleasure.

We are kicking off Strategy Week, again as a reminder this is Strategy Week which is what does that mean?

If you're a long time listener you know what it means when I say it's Strategy Week week

But if you're a relatively new listener what it means is I'm actually

on vacation this week so you're actually not here right now so we're pre-taping a

week's worth because the alternative is we take two weeks off now and we just go away

and we did that the first year we did market foolery and oh the angry email we got

so we thought you know what we're not going to do that again.

Because we care. We care. We care. So we're going to dig a little deep on different investing strategies.

And because Ron Gross is in the room we're going to talk

that's a lot of pressure we're going to talk a lot about value investing because

that's who you are that's what you do at your core. What does it mean for you to be a value

investor? Because I think there are a lot of people who, once they start to invest in stocks, once they start to get their feet wet, I think

there are a lot of people who identify, self-identify as value investors, but I get the sense

that it means different things to different people.

I think that's fair.

I think at its most basic, I think probably most value investors can agree that we seek to buy stocks for less than we think they're worth and the terms for what we think they're worth is typically intrinsic value sometimes you'll hear the word fair value thrown around and that that discount, that under valuation we call a margin of safety.

And it basically gives us a safety net. It insulates us in case our analysis is flawed in some way. So rather than pay up

for a stock or pay a fair value or more than fair value, God forbid, we pay less so not only do we make money but we build in a little bit of a safety

net in case we're incorrect. Does that automatically mean that on the flip side

if you're buying a stock at lower than you think it's worth

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