Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger · chapter 3 · id poor-charlies-almanack-c3-09-munger-argues-that-margin-of-s

“Munger argues that margin of safety -- buying at a significant discount to intrinsic value -- is the foundational principle of value investing, inherited from Graham and refined by Buffett.”

holdsconfidence: high✓ ZHP-verified + red-teamed

Receipts

Fama & French, 'The Cross-Section of Expected Stock Returns,' JoF (1992)DOI registry: valid

High book-to-market (value) stocks outperformed low book-to-market (growth) stocks by 7.6% per year over 1963-1990.

Arnott et al., 'Reports of Value's Death May Be Greatly Exaggerated,' FAJ (2021)DOI registry: valid

The value premium contracted sharply in 2018-2020 but was driven by an unprecedented valuation spread, suggesting mean reversion.

This claim is a stable, citable object. If you can falsify a verdict, tell us — corrections are loud here.