That is what Ben Graham meant by having a margin of safety.

这便是本杰明·葛拉厄姆所谓的安全边际.

In order to assess the margin of safety on bonds, we need a valuation framework.

为了评估债券的安全边际，我们需要一个估值框架。

The margin of safety isi the excess of expected sales over breakeven sales.

安全边际是预计销售量(或销售额)与保本销售量(或销售额)之差.

This substantial excess of value creates a comfortable margin of safety in each transaction.

这种大量的超额价值在每个交易中创造出一个相当大的安全边际.

But we want to have a good choice. And of course one must always have an enormous margin of safety.

不过我们想精挑细选。当然还得有很大的保险系数。

They focus on intrinsic company value and buy only when there is a substantial margin of safety, rather than trying to guess where the herd will go next.

他们关怀母司的外正在价值，正在无脚够的平安边际时再购进，而不非试图预测羊群般的股官上一步将往哪？