At its core, Graham’s philosophy centers on the distinction between an "investor" and a "speculator." While a speculator gambles on market trends, an intelligent investor buys a business only when its price is significantly lower than its actual value—a concept known as the "Margin of Safety." In the context of the Indonesian market, where volatility can be high and retail sentiment often drives prices, Graham’s advice to ignore "Mr. Market" and focus on fundamentals is a superpower.

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