Seth Klarman's Margin of Safety

[Smith1776]

Seth Klarman's Margin of Safety is a book that literally sells for thousands of dollars online. It's quite rare, as only a few hundred copies were ever printed.

Here's a PDF version that I found for anyone that is interested.

4_5985509768515553987.pdf

(9.13 MiB) Downloaded 2344 times

[yankees60]

Seth Klarman's Margin of Safety is a book that literally sells for thousands of dollars online. It's quite rare, as only a few hundred copies were ever printed.

Here's a PDF version that I found for anyone that is interested.

4_5985509768515553987.pdf

Downloaded!

Thanks!

[Smith1776]

Seth Klarman's Margin of Safety is a book that literally sells for thousands of dollars online. It's quite rare, as only a few hundred copies were ever printed.

Here's a PDF version that I found for anyone that is interested.

4_5985509768515553987.pdf

Downloaded!

Thanks!

You're welcome! I'm reading it on my tablet now.

It's currently $2500 USD on Amazon.

book.jpg (86.04 KiB) Viewed 24988 times

[Smith1776]

More people need to download the book...

...IT'S A $2,500 BOOK FOR FREE.

[dualstow]

I would but I just have too much to read already.

[ppnewbie]

Please throw out any nuggets people of found in the book if its not too much trouble.

[smurff]

Thanks for the PDF!

[GT]

The book is currently $2500 USD on Amazon? when it's available as a free DL..?

Have you stumbled onto some sort of money laundering scheme?

[dualstow]

The book is currently $2500 USD on Amazon? when it's available as a free DL..?

Have you stumbled onto some sort of money laundering scheme?

There isn’t really an answer in this article, just an acknowledgement that at happens all the time. Perhaps in the podcast linked therein.
https://www.mentalfloss.com/article/551 ... ars-amazon

[GT]

The book is currently $2500 USD on Amazon? when it's available as a free DL..?

Have you stumbled onto some sort of money laundering scheme?

There isn’t really an answer in this article, just an acknowledgement that at happens all the time. Perhaps in the podcast linked therein.
https://www.mentalfloss.com/article/551 ... ars-amazon

wow - I was half joking about money laundering but there really is something very odd about a .99 romance novel with an asking price of $2,630.52....

Amazon’s Curious Case of the $2,630.52 Used Paperback
https://www.nytimes.com/2018/07/15/tech ... icing.html

“There’s nothing illegal about someone listing an item for sale at whatever the market will bear, even if they don’t have the book but plan to buy it when someone orders it,” she said. “At the same time, I would think Amazon wouldn’t want their platform used for less than honorable practices.”

[dualstow]

If someone actually makes those purchases, the IRS must be taking a good look at the vendors

[yankees60]

If someone actually makes those purchases, the IRS must be taking a good look at the vendors

They need to be able to get the relevant information out of Amazon or eBay or whatever was used to sell them.

[ppnewbie]

Book report anyone? Or if you have any maybe just throw out some interesting points in the book please.

[yankees60]

Book report anyone? Or if you have any maybe just throw out some interesting points in the book please.

Though I see from the above that I downloaded it on 9/23/23 .. it's in the category of innumerable books still not read.

[ppnewbie]

One thing I would suggest is to run the PDF file through virustotal.com to make sure the PDF is good.

[ppnewbie]

Here how the Gippity summarizes the book.

1. Introduction to Value Investing
-Emphasis on investing with a margin of safety: buying securities at a significant discount to their intrinsic value to minimize risk and maximize returns.
-Focus on fundamentals rather than market trends or speculation.
2. Understanding Risk and Uncertainty
-Importance of assessing and managing investment risk rather than chasing returns.
-Acknowledgment that uncertainty is inherent in investing, but prudent analysis can reduce risks.
3. The Importance of a Long-Term Perspective
-Avoid short-term market distractions and speculative behaviors.
-Patience and discipline are key to realizing value over time.
4. Pitfalls of the Market
-Criticism of speculative behavior, momentum investing, and herd mentality.
-Warning against overconfidence, emotional decision-making, and reliance on market predictions.
5. Market Inefficiencies
-Markets are not always efficient; there are opportunities for investors willing to do in-depth research.
-Mispricings occur due to psychological factors, short-term pressures, or lack of information.
6. Fundamentals of Value Investing
-Thorough research and analysis to determine the intrinsic value of a security.
-Look for companies with strong fundamentals, sustainable competitive advantages, and good management.
-Focus on downside protection through a margin of safety.
7. Contrarian Thinking
-Be willing to go against the crowd when the evidence supports a contrarian view.
-Avoid chasing trends or popular stocks; seek undervalued, overlooked opportunities.
8. The Role of Discipline and Patience
-Stick to a well-defined investment strategy and avoid being swayed by short-term fluctuations.
-Patience is essential for value investing to pay off.
9. The Psychology of Investing
-Awareness of cognitive biases that can impact decision-making.
-Importance of emotional discipline and detachment in volatile markets.
10. Capital Preservation as a Priority
-Primary goal is to avoid permanent loss of capital.
-Conservative approach ensures survival during downturns and allows for future opportunities.
11. Skepticism of Wall Street and Institutional Investors
-Critique of Wall Street’s short-term focus and conflicts of interest.
-Institutions often prioritize relative performance over absolute returns.
12. Value Investing in Practice
-Detailed discussion of how to identify undervalued stocks, bonds, and special situations.
-Tips on analyzing financial statements and assessing business models.
13. Diversification and Portfolio Construction
-Diversify to manage risk, but avoid over-diversification which dilutes returns.
-Each investment should meet stringent criteria to be included in the portfolio.
14. The Margin of Safety in Bonds and Distressed Securities
-Emphasis on identifying mispriced bonds and distressed securities.
-Opportunities exist in misunderstood or complex investments where others avoid.
15. Concluding Advice
-Success in investing requires a combination of intellectual rigor, patience, discipline, and risk aversion.
-Value investing is not about flashy returns but about consistent, risk-adjusted gains over time.

This book serves as a cautionary guide for avoiding common investment mistakes and underscores the enduring principles of value investing.