With the possible exception of Warren Buffett, no investor today commands more respect than Baupost Group’s 

Seth Klarman. Since founding his investment partnership in 1983, Klarman has not only produced unrivaled 

returns (in excess of 20% per year), but he has also from time to time offered wise and timeless commentary on 

markets and the craft of investing. 

He is the author of Margin of Safety, Risk Averse Investing Strategies for the Thoughtful Investor, which became 

a value investing classic ever since it was first published in 1991. 

http://www.safalniveshak.com/wp-content/uploads/2013/05/30-Ideas-from-Margin-of-Safety.pdf

Here's margin of safety link

http://disgu.st/~jon/books/seth_klarman-margin_of_safety.pdf