Value investing is betting on the difference between intrinsic value and market value. Intrinsic value, or book value, is often calculated to be the value of owned assets or the discounted value of future cash flows or profits. Market value is the number of shares outstanding times the price per share. 

Which means value investing is about prices. 

So the more someone knows about prices, the more decisions he or she can make that have the odds in their favor.

And because prices can be affected by economic conditions, the success or failure of many decisions often comes down to knowing who is and who is not telling the truth about economics and the economy.

Is inflation out of control? Is someone printing so much money that an inflationary collapse is unavoidable? What about recession forecasts? And the everyone-wins trade agreements? Or the constant warnings of inevitable disasters?