Count on the Margin of Safety

Another good one straight from the Columbia archives website:

"Embrace the ugly, not the beautiful. Life the disgraced and disregarded. And it works!"

"True value investors are not worried about looking foolish as long as they're certain they haven't acted foolishly."

"Value investors are balance-sheet analysts and regular market analysts are P&L analysts."

Columbia Archives Link: Count on the Margin of Safety

Or on Scribd:
Count on the Margin 01

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