A Quote by Tom Robbins
The principal difference between an adventurer and a suicide is that the adventurer leaves himself a margin of escape (the narrower the margin the greater the adventure), a margin whose width and length may be determined by unknown factors but whose navigation is determined by the measure of the adventurer's nerve and wits. It is exhilarating to live by one's nerves or toward the summit of one's wits.
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The principal difference between an adventurer and a suicide is that the adventurer leaves himself a margin of escape (the narrower the margin the greater the adventure)
I would describe myself as a "budding adventurer." I've transitioned away from being a straight-up backpacker, but I think I need another trip or two to get the adventurer degree.
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.
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."
As an entrepreneur, you've got to protect against the company going bust. And as an adventurer, you've got to protect against losing your life. It's even more important as an adventurer to get it right.
I generally disagree with most of the very high margin opportunities. Why? Because it's a business strategy tradeoff: the lower the margin you take, the faster you grow.
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.
Being very rich as far as I am concerned is having a margin. The margin is being able to give.
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.
Ever since the morning of May 29, 1953, when Tenzing Norgay and I became the first climbers to step onto the summit of Mount Everest, I've been called a great adventurer.
I was starting to recognize a corner I was driving myself into: that all writing could do was refer to things that had already been written. I'm making the margin, but the margin of a book that already exists. I was having this exhilaration at, but at the same time horror of this recognition that I'd driven myself into the world of only books. This is a world of the previously written, and maybe I don't have to add to it, maybe all I can do is measure it.
As much as you love to finish games and all that kind of stuff, at the same time as a starting pitcher you hate to come out of a game where your closer has no margin for error, ... So at least with one guy on, Braden's got a little margin to make a mistake.
Even with a margin of safety in the investor's favor, an individual security may work out badly. For the margin guarantees only that he has a better chance for profit than for loss - not that loss is impossible. But as the number of such commitments is increased the more certain does it become that the aggregate of the profits will exceed the aggregate of the losses.
As he mused about these things, he realized that he had to choose between thinking of himself as the poor victim of a thief and as an adventurer in quest of his treasure.
The true adventurer goes forth aimless and uncalculating to meet and greet unknown fate.
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.
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