A Quote by Peter Cundill
We always look at the margin of safety in the balance sheet and then worry about the business.
Related Quotes
If you understood a business perfectly and the future of the business, you would need very little in the way of a margin of safety. So, the more vulnerable the business is, assuming you still want to invest in it, the larger margin of safety you'd need. If you're driving a truck across a bridge that says it holds 10,000 pounds and you've got a 9,800 pound vehicle, if the bridge is 6 inches above the crevice it covers, you may feel okay, but if it's over the Grand Canyon, you may feel you want a little larger margin of safety.
Edge also implies what Ben Graham....called a margin of safety. You have a margin of safety when you buy an asset at a price that is substantially less than its value. As Graham noted, the margin of safety 'is available for absorbing the effect of miscalculations or worse than average luck.' ...Graham expands, "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."
Protect the downside. Worry about the margin of safety.
You know, a balance-sheet is like a bikini, it shows more but it hides what is vital. I learnt to read a balance sheet and then I got fascinated by stocks.
If you understood a business perfectly and the future of the business, you need very little in the way of a margin of safety.
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 minimize market uncertainty and achieve the maximum effect of its policies, the Federal Reserve is committed to providing the public as much information as possible about the uses of its balance sheet, plans regarding future uses of its balance sheet, and the criteria on which the relevant decisions are based.
In both the U.S. and Europe, the budget and balance sheet numbers do not work. When 'off-balance sheet' promises are taken into account, the U.S. and most countries of the Euro zone are insolvent.
PayPal is a strong business: it has a strong balance sheet and free cash flows, and it will help us take a look at where we want to independently invest.
By a 2-1 margin, voters believe that Donald Trump would change business as usual in Washington, but by almost as large a margin, they believe that Hillary Clinton would be better in a crisis and less of a decisive margin she cares about people like them.
No matter that astronauts and cosmonauts had perished in precisely designed and carefully tested machines. Solid engineering could always provide a safety margin, because the engineers believed, there was complete safety in numbers.
One of the problems with hedge funds is that they are changing so rapidly. If you have the balance sheet that closed business last night, by 11 A.M. this morning, that won't tell you very much about what they're doing.
The activists play the balance sheet by selling a division to buy back stock and leveraging the balance sheet and buying back more stock.
High leverage is unsafe, not just for a company but the entire economy... LBOs are reducing the safety. Management loses the power to do many things. It has no margin for error and less margin for additional risk.
A company is an organic, living, breathing thing, not just an income sheet and balance sheet. You have to lead it with that in mind.
In engineering, people have a big margin of safety. But in the financial world, people don't give a damn about safety. They let it balloon and balloon and balloon. It's aided by false accounting.
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