David Rosenthal: disagreement

Transcript context

…Right. It is the notion that he's your business partner in the venture, and every single day he comes to you offering to buy out your stake at a price that is either too high or too low, almost never exactly reflecting the actual intrinsic value. Every single day, you have the option to decide to sell or buy more. Yup, very true. Points one and two, great, I totally agree with. Point three, I also agree with but I disagree with the interpretation. That's this concept of a margin of safety, the famous Ben Graham, Warren Buffett, Charlie Munger margin of safety. Of course, the way that Graham wanted to apply that is buy companies that are so cheap, they are literally free of risk.…

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