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Margin of Safety


Carvel46
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Although MoS is something of a special issue.  (Out of print, super $$$ used.)  It strikes me that books may be going the way of songs and could suffer from rampant piracy.  The Kindle comes to mind as a catalyst.  I suspect that the hidden boost for such devices (which seem to be moderately expensive) is the benefit of 'free' content.  Pay for the hardware and get the books for free ...    I suspect that the economics of the book business just got even suckier.

 

 

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One of my kids tells me there is already pdf piracy of college textbooks (for students p--ed off that the books cost >$90 and are out of date in a year or two, which destroys the resale value, you have to really ticked to sit there and scan in 300 pages!)

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Re Jesse Livermore's "How to Trade in Stocks" (1940), that has been reprinted by Traders Press Inc, PO Box 6206, Greenville, SC 29606.

The isbn is 0-934380-75-9.  They have a website, I think, but I've not got the url handy.  You could also search for Richard Smitten,

who added some extra material to the book, copyright 2001.

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NetNet: Things are changing from my day. For textbooks, I used to order from amazon in the UK--as some texts were identical to US versions and sold 50% cheaper.

 

Other than textbooks (and maybe "evergreen" and how to titles), I am not sure the book industry could get any worse. If you know anything about book retailers' high SKU count, how book remainders work and the book industry supply chain, the demographics of readers (and demand for eye-balls), how publishers forecast demand, and the history of book publishers pushing books for home libraries. The whole industry is mess. It's structurally very unappealing.

 

The Kindle could really streamline the industry--from an efficiency perspective. But I'd bet most of economic benefits would accrue to consumers.

 

 

 

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