Benjamin Graham：Intrinsic Value Needs Only Approximation
Benjamin Graham《Security Analysis》· Chapter I, The Scope and Limitations of Security Analysis. The Concept of Intrinsic Value · Investing · Cognition · Decision
The essential point is that security analysis does not seek to determine exactly what is the intrinsic value of a given security.
Source：
https://archive.org/details/dli.ernet.7983
Locator：Chapter I, p. 22, paragraph beginning “The Role of Intrinsic Value in the Work of the Analyst” · Verified：2026-10-19 · Verification：Exact match
Reading
Security analysis seeks an adequate approximation of value, not an exact number.
Context
Graham cautioned that security analysis does not aim at an exact intrinsic value. It only needs to establish whether value is adequate, or whether price is clearly above or below it. An approximate, bounded estimate is often more useful than a falsely precise number.
Today's question
Do you really need an exact intrinsic value—or an approximation good enough to support a decision?
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