Graham's investment philosophy focused on capital preservation rather than profit maximization. His primary objective was to safeguard his capital and mitigate the risks of loss. This foundational principle guided his decisions in the financial markets, emphasizing caution and strategic investments. By prioritizing the protection of his investments, he set a precedent for value investing.

The quote illustrates Graham's conservative approach, highlighting that his strategies were aimed at ensuring stability and security in investment practices. By avoiding losses, he believed that investors could build wealth over time, which eventually led to more profitable outcomes in the long run.