Quote #29

Brandes' point of view

Graham had literary aspirations. In addition to his world-famous investment writings, he also tried his hand as a playwright. He had less success in that area, however, and his only Broadway production closed after a week! He clearly appreciated the literary merit of the four-word phrase “this too will pass,” but we applaud him for squeezing his secret of sound investment in a mere three words. 

Source: The Intelligent Investor: A Book of Practical Counsel—Revised Edition, Benjamin Graham. Updated with New Commentary by Jason Zweig (HarperCollins, 1973, 2003). The margin of safety for any security is the discount of its market price to its estimated intrinsic value.