This podcast episode explores the core principles of investing as outlined in Benjamin Graham's classic book, "The Intelligent Investor." Graham's approach to investing involves analyzing stocks in detail to identify companies trading below their intrinsic value, and he emphasizes the importance of emotional discipline in making investment decisions. The episode discusses the concepts of margin of safety, understanding the difference between price and value, and the challenges of following market trends. It also explores the tension between risk avoidance and return avoidance, as well as the different approaches to diversification and concentration in investing. The speakers highlight the importance of balancing protection and projection, recognizing potential risks, and embracing one's own investment strategy.
