Margin of Safety
Risk-Averse Value Investing Strategies for the Thoughtful Investor
Framework
by
Seth A. Klarman
1991
1991
A framework book on value investing by Baupost Group cofounder Seth Klarman. It explains how disciplined investors can generate strong returns while minimizing the risk of permanent capital loss, with the core principle being to demand a margin of safety — valuing assets independently and only buying when prices fall well below that value.
Jermaine's Notes
June 2023
Highly sought-after. Hard to find for reasonable price. Read 1991 hardcover.
Connected Books
Security Analysis, Seventh Edition
November 2023
A framework to value investing that explains how to identify, analyze, and buy stocks trading below their intrinsic value. Originally written in 1934 by Benjamin Graham during the Great Depression, the book is considered by many to be the bible of value investing. This Seventh Edition includes a foreword by Warren Buffett and chapter introductions by notable investors such as Seth Klarman, Todd Combs, and Howard Marks—bringing modern relevance to Graham’s timeless principles.
Where the Money Is
July 2023
A framework-driven investing book by Adam Seessel, founder of Gravity Capital Management, that updates value investing for the digital age. Seessel traces the evolution from Benjamin Graham’s Value 1.0 to Warren Buffett’s Value 2.0, and introduces his own Value 3.0—designed for evaluating high-growth, asset-light digital businesses. Drawing from personal experience and investment missteps, Seessel explains why traditional value methods improperly value modern tech firms. The book includes clear case studies showing how he applies this to several technology companies.
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