Graham's Approach to Investing

Business risk can arise in various ways. It can arise from the capital structure when somebody sticks a ton of debt into some business. Certain businesses are just very risky. We tend to go into businesses that inherently are low risk and are capitalized in a way that that low risk is transformed into a low risk for the enterprise. The stock market is there to serve you and not to instruct you. That's a key to owning a good business and getting rid of the risk that would otherwise exist in the market.