The Intelligent Investor, Rev. Ed (Collins Business Essentials)
away from ventures in which you have little to gain and much to lose.”
Benjamin Graham • The Intelligent Investor, Rev. Ed (Collins Business Essentials)
“Have the courage of your knowledge and experience. If you have formed a conclusion from the facts and if you know your judgment is sound, act on it—even though others may hesitate or differ.”
Benjamin Graham • The Intelligent Investor, Rev. Ed (Collins Business Essentials)
“Do not enter upon an operation—that is, manufacturing or trading in an item—unless a reliable calculation shows that it has a fair chance to yield a reasonable profit. In particular,
Benjamin Graham • The Intelligent Investor, Rev. Ed (Collins Business Essentials)
“Do not let anyone else run your business, unless (1) you can supervise his performance with adequate care and comprehension or (2) you have unusually strong reasons for placing implicit confidence in his integrity and ability.”
Benjamin Graham • The Intelligent Investor, Rev. Ed (Collins Business Essentials)
“Know what you are doing—know your business.”
Benjamin Graham • The Intelligent Investor, Rev. Ed (Collins Business Essentials)
can be demonstrated by figures, by persuasive reasoning, and by reference to a body of actual experience.
Benjamin Graham • The Intelligent Investor, Rev. Ed (Collins Business Essentials)
Thus, in sum, we say that to have a true investment there must be present a true margin of safety. And a true margin of safety is one that