There is a close logical connection between the concept of a safety margin and the principle of diversification.
Benjamin GrahamSince we have emphasized that analysis will lead to a positive conclusion only in the exceptional case, it follows that many securities must be examined before one is found that has real possibilities for the analyst. By what practical means does he proceed to make his discoveries? Mainly by hard and systematic work.
Benjamin GrahamIn the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.
Benjamin GrahamTo establish the right price for a stock, the market must have adequate information, but it by no means follows that is the market has this information it will thereupon establish the right price.
Benjamin Graham