"What all this means is that **if you’re looking for a margin of safety in the dividend a company is paying, the most important safety factor is the sustainability of the dividend**. To check whether the dividend is sustainable one must check the available cash and also the operational cash flows, especially how those cash flows change during bad economic times." ([Location 3017](https://readwise.io/to_kindle?action=open&asin=B07CNFFJ9J&location=3017)) --- **Tags** -- [[quotes]], [[value-investing]], [[margin-of-safety]], [[dividends]], [[operating-earnings]] **Source** -- [[202506221723 - LN - Modern Value Investing]]