Value investing1949
The Intelligent Investor
Benjamin Graham
A foundation for margin of safety, Mr. Market, and separating investing from speculation.
Quotes
Practical lesson: estimate value instead of forecasting short-term price.
Practical lesson: demand a margin of safety.
Practical lesson: prioritize avoiding permanent loss.
Practical lesson: wait for price and quality to align.
These are practical paraphrases, not verbatim quotations.