- Billionaire Baupost founder Seth Klarman has been one of the most-followed voices in investing for years.
- His 1991 book, “Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor,” is considered by many to be the seminal text on value investing. It is out of print, and first editions of the book sell online for thousands of dollars.
- In the book, Klarman makes several predictions, some of which now seem prescient while others are clear misses.
- For example, Klarman calls indexing — and index funds — a fad.
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