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Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor

Seth A. Klarman

Hardcover | Pages: 248 pages

Rating: 4.34 | 5164 Users | 139 Reviews

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Title	:	Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor
Author	:	Seth A. Klarman
Book Format	:	Hardcover
Book Edition	:	Special Edition
Pages	:	Pages: 248 pages
Published	:	October 1st 1991 by HarperCollins
Categories	:	Economics. Finance. Business. Nonfiction

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Investors are all too often lured by the prospect of instant millions and fall prey to the many fads of Wall Street. The myriad approaches they adopt offer little or no real prospect for long-term success and invariably run the risk of considerable economic loss - they resemble speculation or outright gambling, not a coherent investment program. But value investing - the strategy of investing in securities trading at an appreciable discount from underlying value - has a long history - has a long history of delivering excellent investment results with limited downside risk.

Taking its title from Benjamin Graham's often-repeated admonition to invest always with a margin of safety, Klarman's 'Margin of Safety' explains the philosophy of value investing, and perhaps more importantly, the logic behind it, demonstrating why it succeeds while other approaches fail. The blueprint that Klarman offers, if carefully followed, offers the investor the strong possibility of investment success with limited risk.

'Margin of Safety' shows you not just how to invest but how to think deeply about investing - to understand the rationale behind the rules to appreciate why they work when they work, and why they don't when they don't.

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Original Title:	Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor
ISBN:	0887305105 (ISBN13: 9780887305108)
Edition Language:	English

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Ratings: 4.34 From 5164 Users | 139 Reviews

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I find the book a little bit disorganized, I have summarized a few points below:1. There is one crucial difference between investment and speculation:Investments throw off cash flow for the benefit of the owners; speculations do not. They return to the owners of speculations depends exclusively on the vagaries of the resale market.and this coincides with Buffett's view as well, as he once said: So theres two types of assets to buy. One is where the asset itself delivers a return to you, such as,

Top 5 Quotes / Thoughts:1. Page 5: You dont understand. these are not eating sardines, they are trading sardines [Difference between investment (buying stream of cashflows) and speculation (return solely dependent on re-sale).]2. Page 81: Buffets first and second rules of investing: 1) dont lose money; and 2) never forget the first rule [Dont expose yourself to appreciable loss of principal. Make sure that your downside is bounded (Taleb).] a. Compound interest is the 8th wonder of the world

A lot of wisdom from personal S.Klarman experience, illustrated with real examples. However I find this book more suitable for novice investors who seek basic knowledge on value investing principles

Very comprehensive overview of value-investing from an institutional/professional standpoint which had good, informative case studies of risk-arbitrage deals.Not from the corner of value investing but it was a very enjoyable read - although slightly underwhelming considering how much this book has been overhyped ;)

Geeking it out in the rain. Re-reading a book I bought randomly at The Strand and read in 1996 when I first started in the business. I guess there was only one printing in 1991, and now it's impossible to find and goes for over $1000 for a decent copy on Amazon or Ebay. Hmmm.... Is actually a great primer on how to think like a smart professional investor. Concepts aren't hard, but I don't imagine it would be all that interesting for the individual investor.

skip the first 1/3, the rest is good to read

If I'd paid the going rate for a used, poor condition copy of over $1000, I would be disappointed. The book has some good information, albeit much of it out of date. I disagreed with a lot of his notions around speculation and think Buffet communicates these sentiments much more reasonably and convincingly.