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Berkshire Hathaway Part I
Acquired
Is There a Margin of Safety in Investing?
Investing involves risk, as every disclaimer in history has told you. You don't know what's going to happen. So ideally you want enough downside protection built in that you'll do ok no matter what. But graham's way of looking at this was, i'm only going to buy things where if we literal shut down the business and sold off everything on hand, we would get our money back or more. There's two problems with that, both on the downside and on the upside. On the downside, sometimes the liquidation value of the assets aren't worth as much as you think they are. The bigger problem though is that, like this is the ultimate small ball way of
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