[gvr]

His point is that playing the market is "speculation", not investing. He differentiates this with "investing", where you simply try to assess the intrinsic value of a stock, and if the stock is trading at a significant discount to it, then you buy it.

Further, once you've bought it, you keep it. You don't try to time the ups and downs of the market, buying moving and out of the position quickly. Since this is how Buffett likes to invest, one of his key principles is investing in owner-operators or people that are behaving as such. You want the executives of the company to treat it as if they owned all the stock and could never sell it. Because when you have the people running the company worrying about next quarter, you're not worrying about next decade.

Also related, Buffett's two key rules to investing:

Rule #1. Never lose any money

Rule #2. Never break rule #1