Ben Graham Posted September 1, 2011 Share Posted September 1, 2011 [amazonsearch]Margin of Safety - Seth Klarman[/amazonsearch] Klarman has written one of the most coveted books on value investing , Margin of Safety. The book is out of print, is one of the most stolen books from libraries, and sells for thousands of dollars online . At the recent CFA Institute Annual Conference , Klarman stated which books he recommends investors read. Below is the list: Benjamin Graham’s The Intelligent Investor: This is not surprising, as the Intelligent Investor is literally the bible of value investing Joel Greenblatt’s You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits: Greenblatt’s book explains how best to invest such as spin-offs, mergers, risk arbitrage, etc There are a lot of similiarities between Greenblatt’s book and Klarman’s Margin of Safety. Martin Whitman’s The Aggressive Conservative Investor : Martin Whitman is one of the greatest thinkers, and Value investors of our time. In a very brief conversation I had with Walter J. Schloss, Schloss highly recommended Whitman, need I say more? Whitman is chairman of Third Avenue Funds, a value fund with a great long term track record.. The book contains a lot of value concepts, and practical applications that are vital for a value investor to be familiar with. James Grant is the author of The Interest Rate Observer. You can add James Grant to the list of people who predicted the housing bubble. Grant was a huge critic of Greenspan’s low interest rate policy, which Grant believes caused the bubble. Klarman has recommended any book by James Grant. Below are a list of books authored by Grant: Mr. Market Miscalculates: The Bubble Years and Beyond Money of the Mind Minding Mister Market:: Ten Years on Wall Street with Grant’s Interest Rate Observer John Adams: Party of One The Trouble With Prosperity: The Loss of Fear, the Rise of Speculation, and the Risk to American Savings The Trouble With Prosperity: A Contrarian’s Tale of Boom, Bust, and Speculation Bernard M. Baruch: The Adventures of a Wall Street Legend (Trailblazers, Rediscovering the Pioneers of Business) Klarman has recommended any book by Roger Lowenstein. This list would include: Buffett: The Making of an American Capitalist: One of the best books about Warren Buffett. While America Aged: A great book about the big, and increasing problems of unfunded pension funds in private companies, and the public sector. When Genius Failed: The Rise and Fall of Long-Term Capital Management: This bestseller is the tale of the collapse of Long Term Capital Management (LTCM) in 1998. The Hedge fund management team consisted of some of the greatest minds of our time. The End of Wall Street: Lowenstein’s tale of the financial crisis. Origins of the Crash: The Great Bubble and Its Undoing: Lowenstein’s tale of the tech bubble, and the collapse of Enron, and Worldcom. Klarman recommends any book by Michael Lewis, this list includes: Moneyball: The Art of Winning an Unfair Game, Liar’s Poker, and The Big Short: Inside the Doomsday Machine. All these books were bestsellers when they were released, and are still quite popular many years after their release. The Big Short: Inside the Doomsday Machine is Lewis’s most recent book which discusses several, obscure individuals who shorted the housing market before its crash. Too Big to Fail: This phenomenal book by Andrew Ross Sorkin about the financial crisis was the #1 best seller for many weeks in a row. Also check out Jamie Dimon’s recommended reading list. Jamie Dimon’s recommended reading list and Warren Buffett’s recommended reading list Other Articles That May Be of Interest Whitney Tilson Webpage Update Warren Buffett’s Recommended Reading List Dan Loeb’s Recommended Reading List Klarman Tops Griffin as Investors Hunt for ‘Margin of Safety’ The Clash of The Titians: Martin Whitman versus Bruce Greenwald http://www.valuewalk.com/articles-about-gurus/seth-klarmans-book-recomendations/ Link to comment Share on other sites More sharing options...
Liberty Posted September 1, 2011 Share Posted September 1, 2011 Margin of Safety is impossible to find in physical form unless you want to pay a few thousand bucks, but I found a PDF pretty easily online. I'm halfway through, but it's great. Link to comment Share on other sites More sharing options...
Morgan Posted September 1, 2011 Share Posted September 1, 2011 but I found a PDF pretty easily online. I'm halfway through, but it's great. Yep and yep. Link to comment Share on other sites More sharing options...
Guest misterstockwell Posted September 1, 2011 Share Posted September 1, 2011 Thousands? Damn. I only got $1300 for mine! Link to comment Share on other sites More sharing options...
Liberty Posted September 1, 2011 Share Posted September 1, 2011 Thousands? Damn. I only got $1300 for mine! Last I checked on Amazon it was around 2.3k Link to comment Share on other sites More sharing options...
junto.investing Posted September 1, 2011 Share Posted September 1, 2011 Margin of Safety is impossible to find in physical form unless you want to pay a few thousand bucks, but I found a PDF pretty easily online. I'm halfway through, but it's great. care to share what your google search was? Link to comment Share on other sites More sharing options...
oddballstocks Posted September 1, 2011 Share Posted September 1, 2011 Margin of Safety is impossible to find in physical form unless you want to pay a few thousand bucks, but I found a PDF pretty easily online. I'm halfway through, but it's great. care to share what your google search was? How about the obvious one "Margin of Safety pdf", I googled it and the first two hits had links to the book in a pdf format. Did you try searching at all? Link to comment Share on other sites More sharing options...
saumil Posted September 1, 2011 Share Posted September 1, 2011 I have created a resource on Seth Klarman here http://valuestockplus.wordpress.com/seth-klarman/ On the above page there is direct link to a scanned copy of MoS. I hope all like it :) Link to comment Share on other sites More sharing options...
Myth465 Posted September 1, 2011 Share Posted September 1, 2011 Margin of Safety is impossible to find in physical form unless you want to pay a few thousand bucks, but I found a PDF pretty easily online. I'm halfway through, but it's great. care to share what your google search was? How about the obvious one "Margin of Safety pdf", I googled it and the first two hits had links to the book in a pdf format. Did you try searching at all? LOL Margin of safety is easily the best value investing book inmo. This and Pabrais book. Link to comment Share on other sites More sharing options...
junto.investing Posted September 1, 2011 Share Posted September 1, 2011 Margin of Safety is impossible to find in physical form unless you want to pay a few thousand bucks, but I found a PDF pretty easily online. I'm halfway through, but it's great. care to share what your google search was? How about the obvious one "Margin of Safety pdf", I googled it and the first two hits had links to the book in a pdf format. Did you try searching at all? Clearly, I didn't. Plus, I'm not one to open up any PDF that google turns up, which is why I was asking.... but thank you for stating the obvious. Link to comment Share on other sites More sharing options...
Guest Hester Posted September 1, 2011 Share Posted September 1, 2011 About a year and a half ago I bought MOS off EBAY for 500 bucks, read it, and resold it on Amazon for 750 dollars a couple months later. Looking at the current prices I should have held on to it. But if someone really wants to read the physical book, with a little effort this trading method should work and not cost you a dime in the long run. Link to comment Share on other sites More sharing options...
Liberty Posted September 1, 2011 Share Posted September 1, 2011 About a year and a half ago I bought MOS off EBAY for 500 bucks, read it, and resold it on Amazon for 750 dollars a couple months later. Looking at the current prices I should have held on to it. But if someone really wants to read the physical book, with a little effort this trading method should work and not cost you a dime in the long run. Maybe someone should try cornering the MoS market to make prices spike ;) Link to comment Share on other sites More sharing options...
rjstc Posted September 2, 2011 Share Posted September 2, 2011 Thousands? Damn. I only got $1300 for mine! Last I checked on Amazon it was around 2.3k I had two books and sold one about six months ago. Sold it to a Canadian fellow on ebay for about $750.00. The asking prices were higher but at the time no one was paying them. Link to comment Share on other sites More sharing options...
Guest Posted September 2, 2011 Share Posted September 2, 2011 Thousands? Damn. I only got $1300 for mine! Last I checked on Amazon it was around 2.3k I had two books and sold one about six months ago. Sold it to a Canadian fellow on ebay for about $750.00. The asking prices were higher but at the time no one was paying them. It's about $800 now on amazon http://www.amazon.com/Margin-Safety-Risk-Averse-Strategies-Thoughtful/dp/0887305105/ref=sr_1_1?ie=UTF8&qid=1314930445&sr=8-1 There is a signed version for about $2,500. Link to comment Share on other sites More sharing options...
meiroy Posted September 21, 2011 Share Posted September 21, 2011 Regarding Margin of Safety, it's the third book I've read after starting to learn about investing. It didn't seem to be anything special at all, the content was pretty much already included in Security Analysis. What am I missing? Regarding "you can be a stock market genius", I have the first version, is there a big difference compared to the second version, worth enough to acquire? Link to comment Share on other sites More sharing options...
Myth465 Posted September 21, 2011 Share Posted September 21, 2011 Regarding Margin of Safety, it's the third book I've read after starting to learn about investing. It didn't seem to be anything special at all, the content was pretty much already included in Security Analysis. What am I missing? Regarding "you can be a stock market genius", I have the first version, is there a big difference compared to the second version, worth enough to acquire? I havent read Security Analysis but have thumbed through it. INMO which isnt worth much considering the first sentence MOS is a much easier read. Also MOS reads extremely well after 1-2 years of investing you go back and are like wow that makes perfect sense. I think the Dhando Investor is one of the better books to read regarding starting in investing. Link to comment Share on other sites More sharing options...
meiroy Posted September 21, 2011 Share Posted September 21, 2011 Regarding Margin of Safety, it's the third book I've read after starting to learn about investing. It didn't seem to be anything special at all, the content was pretty much already included in Security Analysis. What am I missing? Regarding "you can be a stock market genius", I have the first version, is there a big difference compared to the second version, worth enough to acquire? I havent read Security Analysis but have thumbed through it. INMO which isnt worth much considering the first sentence MOS is a much easier read. Also MOS reads extremely well after 1-2 years of investing you go back and are like wow that makes perfect sense. I think the Dhando Investor is one of the better books to read regarding starting in investing. Indeed, SA was very hard to read (as was the second time reading it) , its words "wet" with humor and emotion like a dry stone in a desert, yet it does seem to contain so many hidden gems it's absolutely worth the effort. The two major ideas I got from it are: 1. MOS 2. Not to mistake qualitative for quantitative. Will look up the Dhando Investor, thanks. Link to comment Share on other sites More sharing options...
Myth465 Posted September 21, 2011 Share Posted September 21, 2011 Indeed, SA was very hard to read (as was the second time reading it) , its words "wet" with humor and emotion like a dry stone in a desert, yet it does seem to contain so many hidden gems it's absolutely worth the effort. The two major ideas I got from it are: 1. MOS 2. Not to mistake qualitative for quantitative. Will look up the Dhando Investor, thanks. No prob, and LOL. Also I have moved to qualitative. I find its more useful then endless quantitative analysis. As Buffett said you know value when you see and dont need to know the exact weight to know if someone is fat. Link to comment Share on other sites More sharing options...
Chris DeMuth Jr Posted August 31, 2013 Share Posted August 31, 2013 Great book. I bought a box of them a long time ago and have been getting them signed when I can -- http://seekingalpha.com/instablog/957061-chris-demuth-jr/1426991-kate-upton-and-seth-klarman. Link to comment Share on other sites More sharing options...
saltybit Posted September 10, 2015 Share Posted September 10, 2015 http://www.ai-cio.com/channel/NEWSMAKERS/Would-Seth-Klarman-Buy-His-Own-Book-/ Link to comment Share on other sites More sharing options...
thowed Posted July 10, 2018 Share Posted July 10, 2018 https://www.bloomberg.com/news/articles/2018-07-10/seth-klarman-book-that-sells-for-2-500-is-now-9-99-on-kindle I imagine most of you either got it from your library or downloaded a bad pdf of the internets, but just in case... Link to comment Share on other sites More sharing options...
Valuebo Posted July 10, 2018 Share Posted July 10, 2018 Thanks. Got the pdf but will buy this one for the holidays. Link to comment Share on other sites More sharing options...
CorpRaider Posted July 10, 2018 Share Posted July 10, 2018 Great! Link to comment Share on other sites More sharing options...
thowed Posted July 10, 2018 Share Posted July 10, 2018 Update! Summary: Margin of Safety no longer on Kindle... https://www.bloomberg.com/news/articles/2018-07-10/baupost-says-copy-of-klarman-s-book-on-amazon-was-not-authorized Link to comment Share on other sites More sharing options...
John Hjorth Posted July 10, 2018 Share Posted July 10, 2018 The Kindler version was not legit. I'm deleting my posts here of today, to keep the topic clean. Link to comment Share on other sites More sharing options...
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