Margin of Safety
The most rigorous articulation of value investing since Graham. Klarman argues that the primary goal of investing is not to make money but to avoid losing it. His analysis of institutional investor behavior and market inefficiency is devastating. Out of print, with copies selling for over $1,000 — which is itself a lesson in scarcity, value, and the market's sense of irony.
Out-of-print scarcity did the marketing; the content is Graham restated with 1980s furniture: junk bonds, the Milken era, thrift conversions, museum pieces now. Klarman spends the first third repeating one observation, that institutions chase short-term performance, well past its yield. And his real edge, distressed deals and bankruptcy claims, sits in markets you will never be allowed to enter.
The case for it and the rest of the canon open with Pro.
