“A value investor **should never buy a full position all at once** because **even if a bargain stock is trading at $5 while its intrinsic value is $10, it is always possible for the stock to become even cheaper** due to various market vagaries. A cash cushion allows us to buy more if a stock trades cheaper and further increase your investment returns.” ([Location 355](https://readwise.io/to_kindle?action=open&asin=B07CNFFJ9J&location=355)) --- **Tags** -- [[quotes]], [[progressing-slowly]], [[value-investing]], [[investments]] **Source** -- [[202506221723 - LN - Modern Value Investing]]