Seth A. Klarman

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. Taking its title from Benjamin Graham's often-repeated admonition to invest always with a margin of safety, Klarman's 'Margin of Safety' explains the philosophy of value investing, and perhaps more importantly, the logic behind it, demonstrating why it succeeds while other approaches fail. The blueprint that Klarman offers, if carefully followed, offers the investor the strong possibility of investment succe

Seth Andrew Klarman es un inversor multimillonario estadounidense, administrador de fondos de cobertura y autor, además de un defensor de la inversión en valor. Es el director ejecutivo y gestor de cartera de Baupost Group, una sociedad de inversión privada con sede en Boston que fundó en 1982.Con demasiada frecuencia, los inversores se ven atraídos por la perspectiva de millones instantáneos y son presa de las muchas modas de Wall Street. La multitud de enfoques que adoptan ofrece pocas o ninguna perspectiva real de éxito a largo plazo e invariablemente corren el riesgo de una pérdida económica se parecen a la especulación o al directamente a las apuestas, no a un programa de inversión coherente. Pero la inversión en valor, la estrategia de invertir en valores que se negocian con un descuento apreciable del valor subyacente, tiene una larga historia de resultados de inversión excelentes con un riesgo a la baja limitado. Tomando su título de la advertencia a menudo repetida de Benjamin Graham de invertir siempre con un margen de seguridad, este libro explica la filosofía de la inversión en valor, y quizás lo más importante, la lógica detrás de ella, demostrando por qué tiene éxito mientras que otros enfoques fallan. El plan que ofrece Klarman, si se sigue cuidadosamente, ofrece al inversor grandes posibilidades de éxito en la inversión.

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 of delivering excellent investment results with limited downside risk. Taking its title from Benjamin Graham's often-repeated admonition to invest always with a margin of safety, Klarman's 'Margin of Safety' explains the philosophy of value investing, and perhaps more importantly, the logic behind it, demonstrating why it succeeds while other approaches fail. The blueprint that Klarman offers, if carefully followed, offers the investor the strong possibility of investment success.