My investments now began to require so much of my personal attention that I resolved to leave the service of the railway company and devote myself exclusively to my own affairs. I had been honored a short time before…
My investments now began to require so much of my personal attention that I resolved to leave the service of the railway company and devote myself exclusively to my own affairs. I had been honored a short time before…
本杰明·格雷厄姆《《聪明的投资者》》· Chapter 20, Margin of Safety as the Central Concept of Investment · 投资 · 决策 · 财富
Diversification is an established tenet of conservative investment. By accepting it so universally, investors are really demonstrating their acceptance of the margin-of-safety principle, to which diversification is the companion.
My investments now began to require so much of my personal attention that I resolved to leave the service of the railway company and devote myself exclusively to my own affairs. I had been honored a short time before…
We were then shipping a large quantity of oil by lake and canal, to save in transportation, and it took additional capital to carry these shipments; and we required to borrow a large amount of money. We had already made extensive loans from another bank, whose president informed me that his board of directors had been making inquiries respecting our large line of discounts, and had stated that they would probably want to talk with me on the subject. I answered that I would be very glad of the opportunity to meet the board, as we would require a great deal more money from the bank. Suffice it to say, we got all we wanted, but I was not asked to call for any further explanations.
"Well," he said, "Mr. Potts" (who was then superintendent of the Pittsburgh Division) "is to be promoted to the transportation department in Philadelphia and I recommended you to the president as his successor. He agreed to give you a trial. What salary do you think you should have?"