Many people in the investment world first heard about Seth Klarman when his book started soaring in price. The book, titled “Margin of Safety,” was published in the early 1990’s and has long since gone out of print. You can find used copies of it on eBay for $500 - $1,000, if you’re lucky.

The recent hype surrounding Klarman has not been fueled by the man himself. Klarman manages The Baupost Group, a hedge fund that’s been so successful it is no longer open to new investors. With the popularity of the book he wrote 15 years ago, you would think he might want to cash in on his new popularity and allow a reprint. Not so. Klarman will not authorize a reprint of the book, and the publisher supports his decision. The book has become so rare that only a fraction of libraries carry it.

So what’s in this amazing book? Well, it’s basically the value investing strategies of Benjamin Graham adjusted for modern times. Want more details? Well, through this site, I will be dishing out all the key points from this book that prominent investors know but want to keep secret. There is no magical formula, but there are a lot of strategies that are as close to a sure thing you can find this side of a US treasury bond (with much higher average returns, of course).