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The $700 Used Book

Why all the buzz about Seth Klarman's out-of-print investing classic?

Harper Lee's 1960 novel To Kill a Mockingbird quickly became a modern classic, but except for a few essays, Lee never published again. J.D. Salinger secluded himself in New Hampshire in 1953 following the success of The Catcher in the Rye. A few more novels and short stories followed over the next decade, but he has been mum since.

At least with Lee and Salinger, there's no problem finding their works. Not so for the sole book written by hedge fund manager Seth Klarman. His 1991 work, Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor, came and went without much notice at the time and is long out of print. Klarman holds the copyright but has never revised or even reprinted it.