This article is an excerpt from my book, Quality First Investing. It is a book I wish I had read 20 years ago myself as a budding investor. It is primarily a practical guidebook to quality investing through in-depth, on-the-ground research.

Warren Buffett has often stated that the Intelligent Investor by Benjamin Graham is the best book ever written on investing. The two chapters Buffett rates most highly are chapter 8, “The Investor and Market Fluctuation,” where Graham came up with the metaphor of the manic-depressive Mr. Market, and chapter 20, “Margin of Safety as the Central Concept of Investment.” The focus of this text is the latter.

This is the third article of Redeye's series covering competitive moats, a key pillar for how companies can sustain advantages over their competitors.

This is the second article of Redeye's series covering competitive moats, a key pillar for how companies can sustain advantages over their competitors.

This is the first article of Redeye's series covering competitive moats, a key pillar for how companies can sustain advantages over their competitors. Doing a competitive moat analysis is a key pillar of Redeye’s business rating, which is conducted to rate the quality of a business.