Buffett rightly illustrates that the “margin of safety” concept applies much more broadly than just in investing. In an uncertain world, it makes sense to seek as much of a margin as possible to protect against errors or unforeseen circumstances. At Brandes, our portfolios are constructed with an objective of maximizing the average margin of safety across all holdings. We believe this is a core element in long-term success. 

Source: “The Superinvestors of Graham-and-Doddsville,” Warren Buffett. 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.