Benjamin Graham：Margin of Safety
Benjamin Graham《The Intelligent Investor》· Chapter 20, “Margin of Safety as the Central Concept of Investment” · Investing · Decision · Wealth
Confronted with a like challenge to distill the secret of sound investment into three words, we venture the motto, MARGIN OF SAFETY.
Source：
https://archive.org/details/the-intelligent-investor-benjamin-graham_202508
Locator：Chapter 20, “Margin of Safety as the Central Concept of Investment,” p. 512 · Verified：2026-10-19 · Verification：Exact match
Reading
Graham reduces sound investing to three words: margin of safety.
Context
Benjamin Graham (1894–1976) was born in London, raised in New York, and taught at Columbia Business School before founding Graham-Newman Corporation. After suffering heavy losses around the 1929 crash, he co-wrote Security Analysis (1934) and later The Intelligent Investor (1949), turning security analysis from market forecasting into the valuation of intrinsic worth. His central rule was to buy only when price was well below a conservative estimate of value—the margin of safety.
Today's question
If you had to distill your investment approach into three words, what would they be—and does your purchase price actually leave a margin of safety?
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