Conservative Investors Sleep Well provides as much ground-level insight into investing as The Intelligent Investor.

Fisher implicitly agrees with the following tenets of Graham:

  1. The market is irrational in the short run.
  2. But in the long run, value will be recognized by the market.
Graham finds value by numerical valuation (sometimes stocks sell on the market for less than working capital; when the market is that silly, buy.). Fisher wants good firms at a good price, so he provides an introduction to ranking firms based on their business abilities. Fisher's margin of safety lies in finding competitive, well-run companies in good industries. A conservative investment then, is the investment in the well-managed, peer-beating company with long-term prospects for growth or monopoly, whose prospects are currently not valued properly by the ever fickle market.