Margin of Safety: Risk Averse Value Investing Strategies for the Thoughtful Investor - business-books/ytsearch GitHub Wiki

In 1991, when Seth Klarman was 34 years old, he published The Margin of Safety (see details) with HarperCollins. The book initially sold only 5,000 copies for $ 25 each and was viewed as a "failure".

In a 2017 interview with Charlie Rose, Clarman considered reissuing a limited edition safety margin with the proceeds going to charity, but was not interested in reviving the book.

On July 6, 2018, the Kindle version of the book was quietly released on the Amazon website. In a few days, the unauthorized Kindle version of the book moved to 16th place in the "Business and Investment" section of the online bookstore. Baupost Group responded to the illegal copy by saying, “The Kindle edition of Margin of Safety: Risk Inverse Value Investment Strategies for the Thoughtful Investor on Amazon is an unauthorized copy that is being sold in violation of its registered copyright law, which is published in the Owned by Seth Klarman. Mr. Klarman has not authorized the republication of the safety margin, electronically or in any other format. Our Legal Department is taking and will continue to take appropriate action on this matter. "

Reception and Influence

Despite the initial failure, the book achieved "cult-like" status in the value investing community over time and was revered as a kind of "Bible". This resulted in physical copies of the book being worth between $ 500 and $ 2,500 each. The book's high price led to the book being pirated.

All too often, investors are drawn to the prospect of instant millions and fall prey to Wall Street's many fads. The myriad approaches they take offer little or no chance of long-term success, and inevitably come with the risk of significant economic losses - it's more like pure speculation or gambling, not a coherent investment program. But value investing - the strategy of investing in securities trading at a marked discount to the underlying value - has a long history - it has a long history of delivering great investment results with limited risk of loss. After Benjamin Graham's oft-repeated warning to always invest with a margin of safety, Klarman's "Margin of Safety" explains the value investing philosophy and perhaps most importantly the logic behind it and explains why it succeeds while other approaches fail. The scheme offered by Klarman offers the investor, if carefully followed, a strong potential for investment success.

Margin of Safety PDF

The book has appeared on a number of recommended reading lists in the investment press.