New York: Harper Business, (1991). First edition, 1st printing. 8vo. 249 pp. Original quarter navy cloth over blue paper boards, stamped in silver, in original unclipped ($25.00) dust-jacket. Trivial edge wear, particular to spine ends, corners, tips. Faint handling and shelf wear, with rubbing. Small dimple to front panel near spine. Protected in archival mylar. Book is tight, square and firm. Front bottom corner lightly pushed. Page edges mostly bright with a small droplet to fore edge. Interior is clean and unmarked. A lovely, scarce first printing with a purported 5,000 copy print run.

Dust Jacket: Near Fine

Hardcover: Near Fine

“Manager of the Baupost Group hedge fund, the book discusses Klarman's views about value investing, temperance, valuation, and portfolio management, among other topics. Klarman draws from the earlier investment book The Intelligent Investor, chapter 20 of which is titled "Margin of Safety". The term describes a concept formulated in the 1940s by authors Benjamin Graham and David Dodd. 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.”