Marty Whitman, a revered figure in the investment community, articulates a fundamental principle of value investing: the focus should be on whether a company is creating wealth. This perspective shifts attention away from the daily fluctuations of stock prices and short-term earnings surprises, urging investors to delve into the underlying fundamentals of a business. For Whitman, true wealth creation involves sustainable earnings growth, effective capital allocation, and sound management decisions. He contrasts the mindset of value investors with that of traders, who often chase momentum and react to market sentiment. Instead, value investors assess long-term business quality by examining factors such as balance sheet strength and competitive positioning. Whitman's insights are particularly relevant during periods of market volatility, where emotional trading can lead to erratic stock price movements. Companies that prioritize innovation and operational efficiency are more likely to thrive despite economic disruptions. Ultimately, Whitman’s philosophy serves as a timeless reminder that successful investing is about identifying businesses capable of compounding value steadily over the years, rather than merely pursuing short-term gains.