• So one way to create an attractive risk/reward situation is to limit downside risk severely by investing in situations that have a large margin of safety. The upside, while still difficult to quantify, will usually take care of itself. In other words, look down, not up, when making your initial investment decision. If you don’t lose money, most of the remaining alternatives are good ones.

    Joel Greenblatt (2010). “You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market P”, p.42, Simon and Schuster