margin of safety.pdf

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1、MARGINOFSAFETYRisk-AverseValueInvestingStrategiesfortheThoughtfulInvestorSethA.KlarmanHarperBusiness•ADIvIsIOnofHarperCollinsPublishenContentsAcknowledgmentsixIntroductionxiiiIWhereMostInvestorsStumble11SpeculatorsandUnsuccessfulInvestors32TheNatureofWallStreetWorksAgainstInvestors193TheInstituti

2、onalPerformanceDerby:TheClientIstheLoser354DelusionsofValue:TheMythsandMisconceptionsofJunkBondsinthe1980s55IIAValue-InvestmentPhilosophy795DefiningYourInvestmentGoals816ValueInvesting:TheImportanceofaMarginofSafety877AttheRootofaValue-InvestmentPhilosophy1058TheArtofBusinessValuation118IIITheVal

3、ue-InvestmentProcess1499InvestmentResearch:TheChallengeofFindingAttractiveInvestments15110AreasofOpportunityforValueInvestors:Catalysts,MarketInefficiencies,andInstitutionalConstraints16211InvestinginThriftConversions18212InvestinginFinanciallyDistressedandBankruptSecurities18913PortfolioManageme

4、ntandTrading20914InvestmentAlternativesfortheIndividualInvestor222Glossary229BIbliography241Index243AcknowledgmentsWhilealwaysinterestedintheworkingsofWallStreet,IwasextremelyfortunateinmyfirstrealjobtohavetheopportunitytoworkalongsideMichaelPriceandthelateMaxL.HeineatMutualSharesCorporation(nowM

5、utualSeriesFund,Inc.).MyunclePaulFriedmanalwaysencouragedmyinterestininvest•ingandhelpedmelandthatjob.IlookbackonmyexperienceatMutualSharesveryfondly.MylearninginthetwoyearsworkingwithMaxandMikeprobablyeclipsedwhatIlearnedinthesubsequenttwoyearsatHarvardBusinessSchool.ItistoMax'smemorythatIdedica

6、tethisbook.AfterearningmyMBAatHarvard,Iwasfacedwithseveralexcitingcareerchoices.Theunconventionaloffertojoinastart•upinvestment-managementfirminCambridge,Massachusetts,presentedtheopportunitytobeginbuildinganinvestmenttrackrecordearlyinmycareer.AndsoitwasthatIjoinedBillPoorvu,IsaacAuerbach,Jordan

7、Baruch,HowardStevenson,andJo-AnBosworthinformingtheBaupostGroup.Eachofmycolleagues-Howardinparticular-wentoutonalong,thinlimbtobetonmeandmyabilities,notonlytomanagetheirownmoneybutalsothatoftheirfamiliesandclosefriends