A letter from Seth Klarman -

For those in the know, Seth Klarman wrote the book. Seth's book on value investing "Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor" has been out of print since 1991. Used copies tend to go from $500 to upwards of $1000 on the used book market. It's quite a popular book with value hedge fund managers. Indeed Seth Klarman has been running hedge fund(s) for quite a while. You may be interested in his most recent letter to investors in Baupost Limited Partnerships.

Today’s Market Environment: The Bad News About Value Investing

Tip of the hat to Mr Market - Musing of a value investor