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*Seth Klarman

Ben Graham

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According to a lecture given by Bruce Greenwald: Warren Buffett says that when he retires, there are three people he would like to manage his money. First is Seth Klarman of the Baupost Group, who you will hear from later in the course. Next is Greg Alexander. Third is Li Lu.


Video Interview with Seth Klarman:





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have you ever read Margin of Safety?


Yes, IMO it's one of the top ten investment books of all time and one all serious investors should read.  However, its increased availability should be with the permission of the author.  I would be happy to add my name to a letter to Seth, requesting increased availability, if other interested investors would take the initiative.


Margin of Safety is available through interlibrary loan for those who care to read it.

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I see that the earlier comments were edited from this morning.  I was going to reply and thought better of it.  What was missing from the debate is a discussion of "fair use" (US term) and "fair dealing" (Canadian term).  There is an element surrounding fair use of copyrighted materials that are "out of print".  An example of fair use rules are the following:


www.macewanbookstore.com/Copyright-Guidelines-2010-Dec-2.pdf (good treatise of fair dealing on page 2)



Copyright and Electronic Publishing

The same copyright protections exist for the author of a work regardless of whether the work is in a database, CD-ROM, bulletin board, or on the Internet.

If you make a copy from an electronic source, such as the Internet or WWW, for your personal use, it is likely to be seen as fair use. However, if you make a copy and put it on your personal WWW site, it less likely to be considered fair use.

The Internet IS NOT the public domain. There are both uncopyrighted and copyrighted materials available. Assume a work is copyrighted.


Some universities and libraries will make a copy of out-of-print books for about $10 if you meet the fair dealings guidelines in Canada.  Since there is no local university with a copy, I took a copy of the Klarman book to a local printer and had a bound copy made for personal use.  I would gladly pay Klarman if there was a reasonable means to do so.



At my local library its available in the reference section and can't be checked out. Not surprising when used copies sell on Amazon for nearly $1,000!

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