Seth Klarman’s Take On Value Investing

It’s a testament to his reputation among fundamental investors that Seth Klarman’s out-of-print 1991 book Margin of Safety, published less than a decade after he founded the Baupost Group, is now a collectors’ item that will run you a couple grand on eBay, but then his career has never been typical. With a few years’ experience under Michael Price and Max L. Heine at Mutual Share Corporation and a fresh MBA from Harvard, Klarman was given the opportunity to start a new investment management firm from the ground up. Instead of climbing the ranks at someone else’s firm, he was…