By Robert G. Hagstorm
"The crucial Buffett" is a revision and condensation of the 2 books "The Warren Buffett approach" and "The Warren Buffett Portfolio", and lines the "best of" the books in addition to new case experiences.
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Additional resources for The essential Buffett: timeless principles for the new economy
It survived the Depression, survived sugar rationing during World War II, and survived intense competition, through one unchanging strategy: never compromise the quality of the product. Some 50 years later, See's had become the premier chain of candy shops on the West Coast, and Mary See's heirs were ready to move on to the next phase of their lives. Charles Huggins, who had joined the company 30 years earlier, was given the job of finding the best buyer and coordinating the sale. Several suitors came calling, but no engagement was announced.
Graham did not expect investors to accurately determine the company's future income. Instead, he figured that if the margin between earnings and fixed charges was large enough, investors would be protected from an unexpected decline in the company's income. Establishing a margin of safety concept for bonds was not too difficult. The real test was Graham's ability to adapt the concept for common stocks. Graham reasoned that a margin of safety existed for common stocks if the price of the stock was below its intrinsic value.
Graham noted that "satisfactory" is a subjective term. He did say that return can be any amount, however low, as long as the investor acts with a degree of intelligence and adheres to the full definition of investment. An individual who conducts a thorough financial analysis based on sound logic, indicating a reasonable rate of return without compromising safety of principal, would be considered, by Graham's definition, an investor, not a speculator. Had it not been for the bond market's poor performance, Graham's definition of investing might have been overlooked.