Ben Graham's system involves four bedrock principles, two of which Charlie Munger introduces here: 1) a share of stock is
a proportional ownership of a business and 2) buy at a significant discount to intrinsic value to create a margin of safety.
Treat an investment security as
a proportional ownership of a business!
Not exact matches
Common stock is more than just a piece
of paper; it represents a
proportional share
of ownership in a company — a stake in a real, living, breathing
business.