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Margin of Safety: Risk-averse Value Investing Strategies for the Thoughtful Investor is a 1991 book written by American investor Seth Klarman, manager of the Baupost Group hedge fund. The book discusses Klarman's views about value investing , temperance, valuation , portfolio management , among other topics.
Download as PDF; Printable version; In other projects ... move to sidebar hide. Margin of safety may refer to: Margin of safety (financial) in a financial ...
A margin of safety (or safety margin) is the difference between the intrinsic value of a stock and its market price. Another definition: In break-even analysis, from the discipline of accounting, margin of safety is how much output or sales level can fall before a business reaches its break-even point. Break-even point is a no-profit, no-loss ...
Security Analysis is a book written by Benjamin Graham and David Dodd. Both authors were professors at the Columbia Business School. The book laid the intellectual foundation for value investing. The first edition was published in 1934 at the start of the Great Depression. Graham and Dodd coined the term margin of safety in the book.
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Graham recommended that enterprising investors devote substantial time and effort to analyze the financial state of companies. When a company is available at a discount to its intrinsic value, a "margin of safety" exists, which makes it suitable for investment. Graham wrote that "investment is most intelligent when it is most businesslike."
Buffett starts the article with a rebuttal of a popular academic opinion that Graham and Dodd's approach ("look for values with a significant margin of safety relative to [stock] prices") [2] had been made obsolete by improvements in market analysis and information technology. If the markets are efficient, then no one can beat the market in the ...