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Benjamin Graham Quotes about Safety

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To have a true investment, there must be a true margin of safety. And a true margin of safety is one that can be demonstrated by figures, by persuasive reasoning, and by reference to a body of actual experience.

To have a true investment, there must be a true margin of safety. And a true margin of safety is one that can be demonstrated by figures, by persuasive reasoning, and by reference to a body of actual experience.

Benjamin Graham
Safety, Body, Investment

An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.

Benjamin Graham
Safety, Promise, Analysis
Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.35, Harper Collins

No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the "margin of safety" - never overpaying, no matter how exciting an investment seems to be - can you minimize your odds of error.

Benjamin Graham
Errors, Odds, Safety
Benjamin Graham (2009). “The Intelligent Investor, Rev. Ed”, p.13, Harper Collins

In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or values well in excess of the price paid.

Benjamin Graham
Stress, Safety, Events
Benjamin Graham, David Le Fevre Dodd (1934). “Security Analysis: The Classic 1934 Edition”, McGraw Hill Professional

The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.

Benjamin Graham
Essence, Safety, Unnecessary
Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”

It is our argument that a sufficiently low price can turn a security of mediocre quality into a sound investment opportunity - provided that the buyer is informed and experienced and he practices adequate diversification. For, if the price is low enough to create a substantial margin of safety, the security thereby meets our criterion of investment.

Benjamin Graham
Opportunity, Practice, Safety

Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.

Benjamin Graham
Intelligent, Safety, Challenges
Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”

There is a close logical connection between the concept of a safety margin and the principle of diversification.

Benjamin Graham
Safety, Investing, Principles

The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price.

Benjamin Graham
Safety, Investing, Miscalculations
Benjamin Graham (1959). “The Intelligent Investor: A Book of Practical Counsel”

The investor should be aware that even though safety of its principal and interest may be unquestioned, a long term bond could vary widely in market price in response to changes in interest rates.

Benjamin Graham
Long, Safety, Investing

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