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An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.
Benjamin Graham • The Intelligent Investor Rev Ed.: The Definitive Book on Value Investing
The Intelligent Investor boiled Graham’s philosophy down to three words—“margin of safety.”24 An investor, he said, ought to insist on a gap—a big gap—between the price he was willing to pay and his estimate of what a stock was worth.
Roger Lowenstein • Buffett: The Making of an American Capitalist
“Diversification is a protection against ignorance. It makes very little sense for those who know what they are doing.” -Warren Buffet
Why Diversification Results In Mediocrity
Any valuation and any analysis is subject to error, and we can minimize the effect of these errors by buying stocks only at a significant discount to our estimated intrinsic value. This discount is called the margin of safety, a term first popularized by investing great Benjamin Graham.
Pat Dorsey • The Five Rules for Successful Stock Investing: Morningstar's Guide to Building Wealth and Winning in the Market
The Investment Answer: Learn to Manage Your Money & Protect Your Financial Future
amazon.com
Benjamin Graham, one of Warren Buffett’s mentors, was a big advocate of book value and…
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Pat Dorsey • The Five Rules for Successful Stock Investing: Morningstar's Guide to Building Wealth and Winning in the Market
