Klarman takes the mystery out of value investing, showing there's nothing esoteric about it - it's simply the process of determining the value underlying a security and then buying it at a considerable discount from that value. The greatest challenge for the investor, he believes, is to develop the patience and discipline to buy only when prices are attractive and sell when they're not - avoiding the short-term performance frenzy that engulfs most players. Klarman argues that junk bond mania, for example, was a not once-in-a-millenium madness, but only a point along the historical ebb and flow of investor greed and fear. From this very avoidable debacle, investors can learn to escape the next enticing market fad that's sure to come along. To achieve long-term investment success through bull and bear markets and changing economic cycles, simply observing a few rules isn't enough. Nor can investment success be captured in a mathematical equation or computer program; there is no free lunch or golden road in serious investing. 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.
'Seth Klarman is an excellent investor whose book spells out just not how to view the market and Wall Street but how to structure your portfolio, lessen risk, and achieve good returns. He has the track record to prove it.' Michael F. Price, President, Mutual Series Fund, Inc.
Part One Where Most Investors Stumble 1. Speculators and Unsuccessful Investors 2. The Nature of Wall Street Works Against Investors 3. The Institutional Performance Derby: The Client Is The Loser 4. Delusions of Value: The Myths and Misconceptions of Junk Part Two A Value-Investment Philosophy 5. Defining Your Investment Goals 6. Value Investing: The Importance of a Margin Of Safety 7. At the Root of The Value Investment Philosophy 8. The Art of Business Valuation Part Three 9. Investment Research: The Challenge of Finding Attractive Investments 10. Areas of Opportunity for Value Investors: Catalysts, Market Inefficiencies, and Institutional Constraints 11. Investing in Thrift Conversions 12. Investing in Financially Distressed and Bankrupt Securities 13. Portfolio Management and Trading 14. Investment Alternatives for the Individual Investor
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