Markets are generally efficient but fail during periods of extreme uncertainty or change.
An investment philosophy is a coherent way of thinking about markets and why they make mistakes. It is broader than a strategy (e.g., "buying low PE stocks" is a strategy, not a philosophy). Investment Philosophies By Aswath Damodaran Pdf
Damodaran categorizes approaches based on their view of the "gap" between price and value: Markets are generally efficient but fail during periods
Master the basics of risk measurement and valuation. Investment Philosophies By Aswath Damodaran Pdf
