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— Benjamin Graham"It is our argument that a sufficiently low price can turn a security of mediocre quality into a sound investment opportunity - provided that the buyer is informed and experienced and he practices adequate diversification. For, if the price is low enough to create a substantial margin of safety, the security thereby meets our criterion of investment."
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Ugliness, squalor are breeding grounds for revolution. Beauty is conducive to tranquillity, happiness. Beautifying of homes and places of worship began with the dawn of civilization. Beautifying of workplaces is only in its infancy. Yet, since men normally spend more than half of their waking hours at work, surely it is important that adequate attention be devoted to elevating their working environment, whether office or factory, foundry or machine shop, mine or warehouse. Beautiful surroundings subtly encourage beautiful living. Drab surroundings, bad air, bad light, evoke bad reactions.
— B. C. Forbes
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To suppose that safety-first consists in having a small gamble in a large number of different companies where I have no information to reach a good judgment, as compared with a substantial stake in a company where one's information is adequate, strikes me as a travesty of investment policy.
— John Maynard Keynes
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