The Intelligent Investor

Benjamin Graham · 5/5

Key takeaways

1. Margin of safety — never pay a price that leaves no room for error; the gap between intrinsic value and price is your protection against being wrong.
2. Mr. Market — treat the market as a manic-depressive counterparty who offers you a price every day. You're never obligated to trade with him.
3. Investing vs. speculating — an investment operation is one that, upon thorough analysis, promises safety of principal and an adequate return. Everything else is speculation.

Notes

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