Just wondering how many people have read Seth Klarman’s book “Margin of Safety”. It is out of print and used copies sell north of $1,500. For people who have read it, how different and original was this work? Given that it is so expensive, it better be a great work in terms of 'value’able strategy to have a “margin of safety”! I will not be buying this book but asking because of curiosity.
Chr!st this topic is starting to rival CFA vs. MBA.
Hi Hockeytime, Klarman’s book is worth so much due to scarcity value. While I am a big admirer of Klarman, much of what he covers in Margin of Safety is redundant. The book is divided into three parts: I. Where Most Investors Stumble: Klarman takes this opportunity to introduce “Mr Market” and the concept of “Margin of Safety” originally credited to Gaham. Then he uses the remainder of Part I to criticize the Wall Street mentality and investment process II. A Value-Investment Philosophy: Self-explanatory III. The Value-Investment Process: Where do you locate attractive investment opportunities? Less picked over names, complex situations, etc etc. Buying his book is a speculation, not and investment.
http://www.amazon.com/Margin-Safety-Risk-Averse-Strategies-Thoughtful/dp/0887305105 These reviews are pretty helpful.
i have read it. nothing earth shattering or anything that you probably have not seen before…
The best value investing texts are supposed to be: 1. Security Analysis 2. The Intelligent Investor 3. Warren Buffet’s shareholder letters 4. Competition Demystified (Greenwald) 5. Value Investing (Greenwald) 6. Margin of Safety Am I missing any?
I personally find Security Analysis way more helpful than Intelligent Investor. The latter discusses investment principles to be always cognizant about which is pretty good but I thought that SA was more comprehensive. I am sure there will be others who will prefer II to SA.
Wait, were you the 'nucks fan?