“Buying things well” underpins the Brandes approach of seeking a high margin of safety (the discount of a security’s market price to what the firm believes is the intrinsic value of that security). We believe long-term success comes not only from “buying things well” but also from selling them well: having the patience to wait until the stock price approaches our estimate of intrinsic value. And we don’t forget that whether buying or selling, doing it well must include trading effectively and minimizing operational and market risks.    

Source: Talks at (Goldman Sachs), June 1, 2022