提问
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... 1997 Berkshire Hathaway Annual Meeting, quoted in Andrew Kilpatrick, Of Permanent Value: The Story of Warren Buffett (Vol. 2), p. 1615
段永平回答
大道： 我其实不完全明白老巴安全边际的意思。 我自己对安全边际的理解实际上是自己对要投资的生意的了解度。 自己觉得风险越小的投入的比例就可以越大...