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The current market value of all shares outstanding. So if the company has 1.000 shares outstanding, and the stock price is $35, the market cap is 1000 * $35 = $35.000.

A concept strongly emphasized by Benjamin Graham, which suggests to only buy a stock when the market price is significantly below the company's intrinsic value. By applying a margin of safety, you reduce the downside risk of subpar future performance, while increasing surprises on the upside when the company performs better than expected.