Publications and works[edit]
Klarman has written many annual letters to shareholders but has kept a limited role in writing articles, opinion editorials or books. In an interview with Charlie Rose, he discussed the popularity of his shareholder's letters and a request on behalf of HarperCollins to write and publish a book on investing.[42] He followed up on this request by publishing his first and as of February 2017, his only book, Margin of Safety, Risk Averse Investing Strategies for the Thoughtful Investor, a reflection of value investing found in his hedge fund. In the book he outlines the various issues with retail investing, and critiques small time investors getting into the market purely using metrics such as price momentum and losing money in the long run. He issues that this is speculation and at times gambling, and should be discouraged in the market place. The book asserts that more people should become value investors or people who invest in stocks that trade below their underlying value so as to purchase them at a discount.[43]
The book had amassed a cult following among retail investors, professional and institutional investors as well as Wall Street as a whole.[44][40][45] Due to "only 5,000 copies [being sold],"[42] the book has gone out of print and has become a relic in the finance community. Originally the book was priced at $25 a copy, however, due to it being out of print it has a market price of $700 for used versions with newer copies going for $2,500 to $4,000.[43][1] University libraries report the book as "one of their most wait-listed titles as well as one most claimed as lost."[43] He has stated that he would be interested in holding a charity event where he bids his book to Wall Street executives.[42]
Klarman's published books and substantial writings are listed below:
- Klarman, Seth. Margin of Safety, Risk Averse Investing Strategies for the Thoughtful Investor. HarperCollins.
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