“The road to hell is paved with good intentions.”
“In the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.”
- Benjamin Graham.
As Ben Graham, the father of value investing, also observed, an investment operation “is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.” Challenged to distil the secret of sound investing into just three words, he advocated: “Margin of safety”. Unfortunately for all investors today, the “margin of safety” has all but disappeared.
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