After last week’s New York Times article A Quiet Giant of Investing Weighs In on Trump, a lot of people have been looking for Seth Klarman’s 2016 Baupost Group letter to investors (myself included).

For 80+ more hedge fund letters to investors from Q4 2016, be sure to check out the complete list right here!

Seth Klarman is a famous value investor who runs Baupost Group, which manages $30 billion.

Although he has long kept a low public profile, he is considered a giant within investment circles. He is often compared to Warren Buffett, and The Economist magazine once described him as “The Oracle of Boston,” where Baupost is based. For good measure, he is one of the very few hedge managers Mr. Buffett has publicly praised.

Seth Klarman’s writings are so coveted and followed by Wall Street that a used copy of a book he wrote several decades ago about investing starts at $795 on Amazon, and a new copy sells for as much as $3,500.

The Baupost Group letter to investors that he wrote to his investors a little over two weeks ago about investing during the age of President Trump — and offering his thoughts on the current state of the hedge fund industry — has quietly become the most sought-after reading material on Wall Street.

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

by Seth Klarman

Taking its title from Benjamin Graham’s often-repeated admonition to invest always with a margin of safety, Klarman’s ‘Margin of Safety’ explains the philosophy of value investing, and perhaps more importantly, the logic behind it, demonstrating why it succeeds while other approaches fail. The blueprint that Klarman offers, if carefully followed, offers the investor the strong possibility of investment success with limited risk.