From 'The Intelligent Investor' by Benjamin Graham:

Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, MARGIN OF SAFETY.

And a true margin of safety is one that can be demonstrated by figures, by persuasive reasoning, and by reference to a body of actual experience.


From 'Security Analysis', 1940 Edition, by Benjamin Graham and David Dodd:

Of more practical importance is the question whether or not investment can be successfully carried on in common stocks that appear cheap from the quantitative angle...

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