Margin of Safety Risk-Averse Value Investing Strategies for the Thoughtful Investor by Seth A. Klarman

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 succe