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Seth Klarman’s investing classic ‘Margin of Safety’ gets pirated on Kindle

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Seth Klarman, founder of the Baupost Group

Scott Eells | Bloomberg | Getty Images

Seth Klarman, founder of the Baupost Group

Hedge fund manager Seth Klarman’s classic investment book “Margin of Safety” is being sold illegally on Amazon’s e-book platform.

On Tuesday Klarman’s firm, Baupost, said the book listing on Amazon was not legitimate.

“The Kindle version of Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor on Amazon is an unauthorized version being sold in violation of its registered copyright, which is owned by Seth Klarman,” a Baupost spokesperson said in an emailed statement. “Mr. Klarman has not authorized republication of Margin of Safety, electronically or in any other format. Our legal department is taking and will continue to take appropriate action with respect to this matter.”

Other media outlets reported the book’s rise on the internet giant’s Kindle best-seller charts since it was listed on Friday. The disputed e-book version sells for $9.99 on the Amazon listing, reaching the No. 37 best-selling nonfiction book on the company’s Kindle store as of Tuesday morning.

Source: Amazon

The listing was taken down sometime midday Tuesday.

The hedge fund manager is revered in value-investing circles for his disciplined investing philosophy and often draws comparisons to Warren Buffett. Used copies of his investing book “Margin of Safety” still sell for nearly $500 online.

The firm generated a mid-single-digit return in 2017, according to an investor letter. Baupost had $30 billion of assets under management as of March of last year.

Amazon did not immediately respond to a request for comment.



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Elon Musk apologizes to British cave diver following ‘pedo guy’ claim

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Elon Musk, co-founder and chief executive officer of Tesla Inc.

Patrick T. Fallon | Bloomberg | Getty Images

Elon Musk, co-founder and chief executive officer of Tesla Inc.

Tesla CEO Elon Musk apologized after making the baseless claim that a British diver involved in the Thai cave rescue mission was a pedophile.

The apology comes after the spelunker, Vern Unsworth, who was involved in the early days of efforts to save the now-rescued boys’ soccer team, threatened legal action against the billionaire executive over the comment.

Musk said on Twitter late Tuesday that he had made the claim out of “anger” because Unsworth had criticized his idea to rescue the boys with a “mini-submarine” made out of a SpaceX rocket part.

“Nonetheless, his actions against me do not justify my actions against him, and for that I apologize to Mr. Unsworth and to the companies I represent as leader,” Musk said.

“The fault is mine and mine alone.”

Musk got involved in efforts to rescue the group of 12 boys and their soccer coach earlier this month — mere days before their rescue. The boys had gotten stuck in the flooded Tham Luang cave in Chiang Rai after venturing through it with their coach.

He and a team of engineers from SpaceX and The Boring Company brought over the vessel — a cylinder made out of the liquid oxygen transfer tube of a Falcon rocket — to Thailand, and met with government officials there about the possibility of using it to help.

But Narongsak Osottanakorn, head of the command center during the rescue, did not welcome the idea, saying the sub was “technologically sophisticated” but “not practical” with the rescue mission.

Musk then hit out at reports referring to Osottanakorn as “rescue chief,” noting that he was the former provincial governor of Chiang Rai and claiming he was not the “subject matter expert.” Osottanakorn stepped down from his role to join the initiative.



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European Union is expected to fine Google $5 billion over Android: Reports

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Sundar Pichai, chief executive officer of Google

Michael Short | Bloomberg | Getty Images

Sundar Pichai, chief executive officer of Google

European Union regulators will slap Alphabet-owned Google with a $5 billion antitrust fine for abusing the dominance of its Android mobile operating system, according to reports.

The case relates to the dominance of Google’s Android operating system, which is one of the world’s most popular mobile software systems, competing fiercely against Apple’s iOS. The Android OS controls more than 80 percent of smartphones globally.

The EU has scrutinized that dominance, arguing that Google should look to make competition fairer and allow smaller players in the market to flourish. It is widely expected to fine the firm a record levy on Wednesday.

According to the Wall Street Journal, that fine will amount to 4.34 billion euros ($5.06 billion). The Journal, citing an official familiar with the matter, said the decision is not expected to be discussed at a meeting between EU Competition Commissioner Margrethe Vestager and other officials.

Shares of Alphabet, Google’s parent company, shed more than 1 percent during U.S. premarket trading.

You can read the full Wall Street Journal report here.



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Hedge fund billionaire Einhorn places sixth in major poker tournament

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Hedge fund billionaire David Einhorn plays poker at the World Series of Poker's "Big One for One Drop."

Joe Giron | World Series of Poker

Hedge fund billionaire David Einhorn plays poker at the World Series of Poker’s “Big One for One Drop.”

Hedge fund billionaire David Einhorn busted out of a $1 million buy-in poker tournament just short of taking home prize money, Tuesday night in Las Vegas.

Einhorn and 26 other businessmen and poker players each ponied up $1 million to enter the World Series of Poker’s “Big One for One Drop” tournament.

Einhorn survived two days of play and came into the third day with the fifth most chips of the 6 remaining players.

But, while other players were doing all they could to avoid getting eliminated, Einhorn didn’t seem to mind playing aggressively.

For his sixth-place finish Einhorn receives no prize money. Fifth place would have paid out $2 million.

Einhorn has been a regular at the World Series of Poker for years, always giving his winnings away to charity.

This year he played sporting a shirt that said “Service Year,” a charity that allows people to serve in the community for a year, and be paid for it.

Simply playing in the tournament was a charitable endeavor as $80,000 from each entry goes to the charity One Drop, an organization dedicated to sustainable access to safe water.



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