Warren Buffett has been the world's most famous value investor for decades, and he's always on the lookout for deals. But just because the Oracle of Omaha and his company Berkshire Hathaway appreciate a good bargain, that doesn't mean that cheap stocks are the only ones they buy.

Buffett prioritizes a quality business above all else, and one quote of his summarizes that best: "It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."

This is a valuable reminder that while investors should be looking for deals, that doesn't mean you should attempt to wait until a stock hits rock bottom to add it to your portfolio. Nor should you buy shares of a mediocre company just because it's trading at a lower earnings or sales multiple than a wonderful company. While valuation metrics can be helpful in comparing stocks, they shouldn't be your only criterion.

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Source Fool.com