Seeking Alpha Seeking Alpha Portfolio App for iPad  Benjamin
Graham had spent most of his teaching life preaching the values
of thrift and finding good bargains. In his class lectures, he
gave the prototypical explanation of value investing by saying
it's about "finding dollar bills trading for fifty cents." This
phrase became more than a pithy saying to his star protégé,
Warren Buffett, and Buffett attributed the success of his
partnership (which earned 29.5% annually from 1957 to 1969) to
Graham's insistence on bargain hunting. With this in mind, it
may come as a surprise that Graham's advice to the typical
investor paid little heed to the maximization of value by
finding the best margin of safety.  In his legendary work The
Intelligent Investor, Graham attempted to answer the question
whether folks should try and build up cash positions and wait
for a particularly cheap opportunity to make an investment, or
invest in the stock market as funds became available. On page
206 of The Intelligent Investor, Graha