"**A future-oriented approach to investing is the opposite of what a value investor does as there is no margin of safety, the investing is based on a trend, concept or theme and it is impossible to know how much of the positive expectations have already been included in the price** of a stock as there is no way to assess the fundamental value of it. Value investors don’t like to take unnecessary risks and therefore use a bottom up approach to investing." ([Location 3552](https://readwise.io/to_kindle?action=open&asin=B07CNFFJ9J&location=3552)) --- **Tags** -- [[quotes]], [[value-investing]], [[forecasting]], [[margin-of-safety]], [[valuations]], [[owner-earnings]], [[growth]] **Source** -- [[202506221723 - LN - Modern Value Investing]]