安全邊際（margin of safety）

閱讀筆記：

• The margin of safety is a concept developed by Benjamin Graham that represents a bread-and-butter staple in bargain hunting. One way to apply the basic concept is to utilize assumptions in one’s projections that allow for less than ideal circumstances. The idea is to forecast the results for an entire “cycle,” normally about five years, in which a bargain hunter contemplates good times as well as not so good times. Long-term bargain hunters know they must consider both scenarios. If the stock price is still low relative to these less than ideal or average results, you have located a stock with a margin of safety. (摘自Investing the Templeton Way: The Market-Beating Strategies of Value Investing's Legendary Bargain Hunter, by Lauren C. Templeton and Scott Phillips)