This week Michael is talking about the Margin of Safety, following a very heated back-half of calendar 2016 in the small and mid-cap segments of the market. When we look at the Margin of Safety we look at not paying too much for a business.

We do this by looking at these areas:

• Balance Sheet - assets and liabilities
• P&L - revenue and profits (multiples)
• Business Stability - what is affecting the long-term continuity of the business and it's profits?