"It is very helpful with investing and especially with value investing to understand the notion that our reasoning around a stock will probably be wrong. Therefore, a value investor has to seek as many margin of safety factors that allow for fallible analysis so that even if your estimated value proves wrong, you still don’t lose money. However, even if acting in an uncertain environment is the key to investing, the more you know the lower is the uncertainty. Unfortunately, the uncertainty part of investing can never be totally removed." ([Location 1015](https://readwise.io/to_kindle?action=open&asin=B07CNFFJ9J&location=1015)) --- **Tags** -- [[quotes]] **Source** --