If you understood a business perfectly and the future of the business, you would need very little in the way of a margin of safety. So, the more vulnerable the business is, assuming you still want to invest in it, the larger margin of safety you'd need. If you're driving a truck across a bridge that says it holds 10,000 pounds and you've got a 9,800 pound vehicle, if the bridge is 6 inches above the crevice it covers, you may feel okay, but if it's over the Grand Canyon, you may feel you want a little larger margin of safety.
Romance was a game, like bridge, in which you said things instead of playing cards. Like bridge you had to pretend you were playing for money or playing for some stakes.
Twenty bridges from Tower to Kew — (Twenty bridges or twenty two) — Wanted to know what the River knew, For they were young, and the Thames was old And this is the tale that River told.
The study of geography is about more than just memorizing places on a map. It's about understanding the complexity of our world, appreciating the diversity of cultures that exists across continents. And in the end, it's about using all that knowledge to help bridge divides and bring people together.
When you build a bridge, you insist that it can carry 30,000 pounds, but you only drive 10,000-pound trucks across it. And that same principle works in investing.
I stood in Venice, on the Bridge of Sighs; A palace and a prison on each hand; I saw from out the wave of her structure's rise As from the stroke of the enchanter's wand: A thousand years their cloudy wings expand Around me, and a dying Glory smiles O'er the far times, when many a subject land Look'd to the winged Lion's marble pines, Where Venice sate in state, throned on her hundred isles.
In an inflationary world, a toll bridge (like company) would be a great thing to own because you've laid out the capital costs. You built it in old dollars and you don't have to keep replacing it.
The city seen from the Queensboro Bridge is always the city seen for the first time, in its first wild promise of all the mystery and the beauty in the world.