- “Margin of Safety,” the out-of-print book written by the hedge fund billionaire Seth Klarman, was available for a few days on Amazon Kindle for $US9.99.
- It was taken down Tuesday. According to The Baupost Group, the electronic copy was posted without authorization.
- New hard copies sell for as much as $US1,000.
- The book is considered a bible of value investing.
One of the most prized books on Wall Street, which usually costs thousands of dollars, was briefly available to the masses for a fraction of the price.
An AmazonKindle copy of “Margin of Safety,” written by the billionaire value investor and hedge fund manager Seth Klarman, sold for a few days for $US9.99. But according to The Baupost Group, Klarman’s firm, the copy was unauthorised, Fortune reported.
The book, which is out of print, became a collector’s item on Wall Street because of its rarity and price. The cheapest hardcover copy on Amazon cost $US521.91 as of Tuesday afternoon.
The book, first published in 1991, is considered a bible for value investors, who include the likes of Klarman and Berkshire Hathaway CEO Warren Buffett. It explains the philosophy behind identifying undervalued stocks and includes Klarman’s own investing failures along the way.
Klarman is founder of The Baupost Group, a $US30 billion hedge fund known for its secrecy. The fund’s website has very little information, and its client letters rarely get circulated widely.Klarman’s most recent year-end letter, obtained by Business Insider in January, warned that the global political climate posed a serious threat to democracy and international markets.