Value investing expert David Abrams believes investment success depends less on whether an asset is inherently "good" or "bad" and more on the price paid for it. "There are good assets and bad assets but good prices and bad prices supersede whether the assets are good or bad," Abrams said, underscoring a core principle of value investing. Quality Alone Is Not Enough The quote highlights that even a high-quality business can deliver poor returns if purchased at an excessive valuation. Conversely, an out-of-favour or lower-quality asset can generate attractive returns if acquired at a sufficiently discounted price. This perspective encourages investors to look beyond a company's reputation or growth prospects and focus on whether the market price offers an adequate margin of safety. A Core Value Investing Principle Abrams' philosophy echoes the teachings of renowned value investors such as Benjamin Graham and Warren Buffett, who consistently emphasised the importance of valuation over popularity. Rather than chasing market momentum, the value investing approach focuses on identifying opportunities where an asset's market price is significantly below its intrinsic worth. The Takeaway for Investors The quote serves as a reminder that long-term investment returns are shaped not only by the quality of an underlying business but also by the price at which it is purchased. For disciplined investors, buying at reasonable or discounted valuations remains one of the most effective ways to manage risk and enhance potential returns.