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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

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

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

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

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

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.

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

Ratings: 4.34 From 5164 Users | 139 Reviews

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

I had high hopes for this book since the ratings were amazing. However, I gave this book 2 stars because many of the ideas and concepts that were mentioned were already known to me. I also found this book more difficult to read than other investment books, perhaps due to the writing style.

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



This book is divided into 3 parts comprising 1. How market works, 2. How to invest and 3. Searching for investments. First part is an eye opener for any wanna be investor to learn how wall street works and why prices deviate from their intrinsic value. Second part focuses on basics of investing, delving into highly important valuation techniques. This is crux of the book and is worth reading many times. Third part focuses on how to search for investments, its good but is less relevant for Indian

You probably won't find a hard copy as it is out of print and selling 2000 USD per copy. Seth Klarman is well known for keeping substantial amount of cash (>50%) in his portfolio when the he cannot find attractive opportunity. Nonetheless, excellent book which discuss the essence of Value investment: Margin of safety.

Margin of Safety is a famous phrase coined by Ben Graham half a century ago, and taken up by Seth Klarman here as a full volume. Unfortunately, this book is no longer in print, but I managed to score a copy without having to pay the $500 price advertised on amazon.com.The book is in three parts. First, a strong case for fundamental value investing as the only sound framework for making investment decisions; second is a scathing critique of "institutional investing," culminating with Klarman's

Priceless book (even if Amazon disagrees). The book is broken up into principles of investing we all know, yet rarely follow when methods are actually put to practice. How is Klarman different from all the other finance writers? Instead of beating the proverbial dead horse of investing dogmas , this book explains how we all come up short because of Wall Street's house edge and our bias towards the latest investing fad. Given this context, the age old investing lessons we all choose to ignore for