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Safety

There are two times in a man’s life when he shouldn’t speculate:
When he can’t afford it and when he can.


~ MARK TWAIN

 

Our value approach to research and investing had its genesis in the 1920s with the work of Benjamin Graham, co-author of the bible of fundamental investment research, Security Analysis.  Graham describes a successful investment as one “which upon thorough analysis promises safety of principal and an adequate return.  Operations not meeting these requirements are speculative.”  Graham was most concerned about having a margin of safety in his investing.  So are we.

 

 





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