Something that is over and above what is strictly necessary and that is designed to provide for emergencies
Is buying with a margin of safety really the closet practice of market timing?
If we calculate the value of a common stock to be only slightly higher than its price, we’re not interested in buying
There is a lot of talk currently about the underperformance of value stocks compared with growth stocks over the last fifteen years. In fact, value investing has performed well against all other styles. This seeming contradiction comes from the fact that value investing and investing in value stocks are not the same thing.