Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor.

First edition of this now classic book on value investing. Octavo, original half-cloth. Association copy, lengthily inscribed by the author to early investor with Klarman, David Auerbach on the front free endpaper, "To David, With appreciation and gratitude for your support, confidence and assistance these many years. And most of all for your friendship. Truly, Seth." The recipient, David Auerbach, is a prominent finance professional and Chief Investment Officer at Hoya Capital, a registered investment advisory and research firm specializing in publicly traded Real Estate Investment Trusts, exchange-traded funds, and income-generating equity securities. As one of the most active and widely followed commentators in the REIT sector, Auerbach has built a significant public platform through his Daily REITBeat newsletter and extensive institutional outreach — providing market analysis, educational content, and investment insight to a broad audience ranging from retail investors to major institutional platforms. At Hoya Capital he oversees a suite of investment vehicles including the Hoya Housing 100 ETF and the High Yield Dividend ETF, products that reflect the firm's focus on democratizing access to real estate-linked equity income through exchange-traded structures. His prominence within the REIT community rests not only on his investment acumen but on his sustained commitment to public education and transparency in a sector that, despite its significance in the broader equity market, has historically received less mainstream analytical attention than traditional large-cap equities. As an asset class, REITs occupy a distinctive position at the intersection of real estate ownership and public market liquidity, and Auerbach has become one of the more recognizable voices in articulating their role within diversified income-oriented portfolios. Fine in a near fine dust jacket. Jacket design by Barry Littmann. Photograph by Mark Morelli. Housed in a custom half morocco clamshell box by the Harcourt Bindery. An exceptional association.