underscored — Underscored

@underscored

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Tag:margin-of-safetyClear

You don't get rewarded for taking risk; you get rewarded for buying cheap assets. And if the assets you bought got pushed up in price simply because they were risky, then there's no real margin of safety in owning them.
— Howard Marks, The Most Important Thing: Uncommon Sense for the Thoughtful Investor (2011)

1mo ago

The stock market is filled with individuals who know the price of everything, but the value of nothing. A great company is not a great investment if you pay too much for it — and a mediocre company can be a fine investment if you buy it cheaply enough.

5mo ago

Underscored — save the words that stop you in your tracks.

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