Stockpickr: Trade Like This Hedge Fund Hotshot

Seth Klarman is not as known as such trading greats as Warren Buffett, George Soros or Carl Icahn, but his track record is certainly up there with the best.

Perhaps even more impressive than the 20%-plus annual returns he's delivered since launching his hedge fund in the early 1980s (he's returned 6,133% since 1982) is the success of his book, Margin of Safety.

By "success," I don't mean to suggest the book was a bestseller that sold many copies. Rather, the price of the book itself has soared almost like shares of Google. Currently on eBay you can pick up copies of Margin of Safety for $600 because the out-of-print book is in such high demand from hedge fund managers.

The book's title refers to what Buffett has often said are the three most important words in investing. Buffett, in turn, was quoting Benjamin Graham and David Dodd's classic book, Security Analysis. Graham looked for margin of safety by seeking companies with hard assets -- cash, real estate, equipment, etc. -- that would be worth more liquidated than the value of the company's shares trading in the market.

Klarman just updated his Securities and Exchange Commission filings to reflect the newest positions of his hedge fund, Baupost Group, and the results were surprising.