In the book "Buffett: The Biography" by Roger Lowenstein, the key difference between price and value is emphasized through Warren Buffett's investment philosophy. Price refers to the amount of money exchanged for an asset, while value represents the intrinsic worth of that asset, influenced by potential for future earnings and overall quality. Buffett believes that to be successful in investing, one must focus on understanding the true value rather than just the market price.

This quote encapsulates a fundamental principle of investing: to achieve long-term success, investors must look beyond mere cost and understand the deeper value of investments. It encourages a mindset that prioritizes informed decision-making and a comprehensive evaluation of what one receives in return for their investment, reinforcing the importance of thoughtful analysis in wealth creation.