Margin of Safety book is divided into three parts. The first portion discusses where most investors make mistakes and stumble – it covers investing versus speculation, the nature of Wall Street, and how institutional investing results in a short-term performance derby (of which the client is ultimately the loser). It also encapsulates the presented information in a thoughtful case study of junk bonds in the 1980s. The second portion of the book introduces the details of the value-investment philosophy, mostly focusing on risk and how it is vital to invest with a margin of safety. The last portion provides useful applicable advice and suggestion on actually following the value-investment process: where to find investment opportunities, how to invest in these opportunities, and various aspects of overall portfolio management.