English only

«Margin of Safety» was published in 1991 in a very limited print run and has never been rereleased or officially translated. Second-hand copies reach prices between $1,000 and $2,500, reflecting both Klarman's reputation in value investing circles and the title's artificial scarcity. Its content — a rigorous exposition of value investing with emphasis on margin of safety and capital preservation — is standard reading among institutional managers.

Books in this category vary in linguistic complexity. «Poor Charlie's Almanack» and Michael Lewis's works are accessible at a B2 level. Texts like Schilit's «Financial Shenanigans» or «Margin of Safety» require familiarity with accounting and financial terminology in English. In all cases, a specialized financial English dictionary is a useful resource during reading.

Lowenstein reconstructs the rise and collapse of Long-Term Capital Management (LTCM) in 1998 — the hedge fund employing two Nobel laureates in Economics that nearly triggered a global systemic crisis. The book is a lesson on the limits of quantitative modeling, the risk of extreme leverage, and the illusion of certainty that mathematical sophistication can create.

Edward Thorp is a mathematician, inventor of card counting in blackjack, and a pioneer of quantitative trading. «A Man for All Markets» is simultaneously an autobiography, an account of markets from the 1960s through the 2000s, and a demonstration of how probabilistic thinking and risk management apply equally in casinos and financial markets. It is little known outside quantitative circles and of exceptional value.