The concept of “a margin of safety” has deep roots in the history of finance, going back at least to Benjamin Graham’s Security Analysis, first published in 1934. The idea is that an investor should never be too confident in any analysis and should leave the door open to the possibility that the [...]
Risk
I’ll acknowledge that today’s topic isn’t the most upbeat one. I want to talk about risk—and specifically, some of the underappreciated risks related to retirement. In thinking about risk, the hardest part, in my view, is that it defies a single definition. Because of that, there is no uniform [...]
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