Price aside, this is one of the best value investing books I've read. Of course a lot of the ideas have been put forward before--Klarman is a longtime resident of "Graham and Doddsville". But he does a great job explaining the philosophy and process in clear and simple language, and there are a few gold nuggets scattered throughout that might even be worth the $1000+ price tag. One simple rule he proposes: "If you don't quickly comprehend what a company is doing, then management probably doesn't either". Many investors in 2007 also could have benefited from Klarman's 1991 advice to "shun" financial institutions speculating in junk bonds or "complex mortgage securities". The book is full of these simple yet brilliant observations. Ignore the price, and spend an afternoon at the library with a copy. You'll be glad you did.
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