Margin of Safety by Seth Klarman.
If you don't quickly comprehend what a company is doing, then management probably doesn't either.
-- page 185

This is Yet Another Value Investing Book, I'm sure you're sick of reading these, but honestly, if you read all these books, you'll certainly know a lot more about the market, as several of these books (including this one) derive value from the arcane (rights offerings, bankruptcy proceedings, arbitrage, etc.). They are from the practitioner's perspective, so they include investments they may (or may not) have made, explaining how the value of the investment was revealed.

Of these expositions, I'm most at ease with Klarman's. It helps that he puts fun historical trivia in, like the Romans built aqueducts and bridges that have been standing for a long time. Part of the reason for this, is that when the scaffolding was removed from the bridge, the chief engineer was made to stand beneath it (page 40). But he also spends time on other aspects of investing, like portfolio management (which he views as managing liquidity). Which puts him ahead of the rest of the pack of ValueInvestorBooks