“An investment operation is one, which, upon thorough analysis,
promises safety of principal and a satisfactory return. Operations
not meeting these requirements are speculative.” - Benjamin Graham
Tuesday, September 20, 2011
Howard Marks: "What's Behind The Downturn"
...Thus at Oaktree, we're making allowances for things that may go less well than they did in past periods. Cheapness provides a margin of safety, but only so much. We're moving forward, but catiously.