“If you understood a business perfectly and the future of the business, you would need very little in the way of a margin of safety. So, the more vulnerable the business is, assuming you still want to invest in it, the larger margin of safety you'd need. If you're driving a truck across a bridge that says it holds 10,000 pounds and you've got a 9,800 pound vehicle, if the bridge is 6 inches above the crevice it covers, you may feel okay, but if it's over the Grand Canyon, you may feel you want a little larger margin of safety…”

— Warren Buffett

1997 Berkshire Hathaway Annual Meeting, as quoted in Of Permanent Value : The Story of Warren Buffett, by Andrew Kilpatrick, Vol. 2 (2007), p. 1615

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Warren Buffett 146

American business magnate, investor, and philanthropist 1930

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