The most rigorous articulation of value investing since Graham. Klarman argues that the primary goal of investing is not to make money but to avoid losing it. His analysis of institutional investor behavior and market inefficiency is devastating. Out of print, with copies selling for over $1,000 — which is itself a lesson in scarcity, value, and the market's sense of irony.

The case for it, the case against, and the rest of the canon open with Pro.