The first 18 minutes is about "Facing History", his nonprofit organizaiton. Then they turn to his book of "Margin of Safety". Klarman's discusses his view of Warren Buffett's three stages of investing:
1. Buy cigar butts at good prices.
2. Buy great companies at great prices.
3. Buy great companies at so so prices.
Klarman thinks that his own personal investing strategy is still at stage 1.