Study of Walter Schloss investing style. Walter Schloss is one of my favourite investors.
A really sad and poignant cartoon:
The Employment .
A interesting interview with a small-time hedge fund manger.Torin Eastburn of Monte Sol Capital.
A good explanation of the implications of the Shiller PE ratio.
A unique view on taxes and their opportunity cost.
An article
discussing why stocks consistently outperform bonds by a large margin.
Charlie Munger
wise words
at the Daily Journal 2015 annual meeting.
Howard Marks of Oaktree: It's Not Easy.
A list of practically all of Yahoo tickers for those that may
find it useful.
Bronte Capital's John Hempton
questioning whether
Alibaba is being truthful with its numbers.
Showing posts with label Reading list. Show all posts
Showing posts with label Reading list. Show all posts
Monday, September 21, 2015
Thursday, June 4, 2015
More Reading Material
Prof Damodaran on GM. This was a real eye opener for me.
Great article on Michael Burry's investment outlook back in 2001
Very informative article about share buybacks and the S&P 500 index.
One international fund's view of investing in Russia.
Hong Kong market undervalued.
A great talk by Thomas Barrack of Colony Capital back in 2009 . I find it great for a sense of perspective.
A humorous article confirming what most of us already know. Gurus cannot accuractly predict markets.
Great insight by Paul Mcculley, former guru at PIMCO.
Great article on Michael Burry's investment outlook back in 2001
Very informative article about share buybacks and the S&P 500 index.
One international fund's view of investing in Russia.
Hong Kong market undervalued.
A great talk by Thomas Barrack of Colony Capital back in 2009 . I find it great for a sense of perspective.
A humorous article confirming what most of us already know. Gurus cannot accuractly predict markets.
Great insight by Paul Mcculley, former guru at PIMCO.
Friday, March 20, 2015
Latest Reading Material
Michael Lewis on Ireland Crisis
.
Robert Vinall's fund website contains lots of very insightful and instructive articles.
Warren Buffett's annual letter to Berkshire shareholders. This year includes a blurb from Charlie Munger.
The Education of a Value Investor, by Guy Spier. An extremely candid book about a person's journey towards being a better and better value investor.
Stress Test, by Tim Gneithner. Probably the best first hand account of the financial stress ever to be written. It is eloquent and full of substance and thoughtful ideas for the problems of the financial world. However, I resented the way he dismissed Brooksley Born and her heroic efforts to reign in the derivatives industry in 1999.
How I Lost a Million Dollars. by Jim Paul. A candid story about a persons rise and fall betting in the Chicago Mercantile Exchange.
Interview with Allan Mecham., a rising star in the hedge fund world.
An entertaining article about the Kelly Criteron.
Robert Vinall's fund website contains lots of very insightful and instructive articles.
Warren Buffett's annual letter to Berkshire shareholders. This year includes a blurb from Charlie Munger.
The Education of a Value Investor, by Guy Spier. An extremely candid book about a person's journey towards being a better and better value investor.
Stress Test, by Tim Gneithner. Probably the best first hand account of the financial stress ever to be written. It is eloquent and full of substance and thoughtful ideas for the problems of the financial world. However, I resented the way he dismissed Brooksley Born and her heroic efforts to reign in the derivatives industry in 1999.
How I Lost a Million Dollars. by Jim Paul. A candid story about a persons rise and fall betting in the Chicago Mercantile Exchange.
Interview with Allan Mecham., a rising star in the hedge fund world.
An entertaining article about the Kelly Criteron.
Sunday, January 11, 2015
Some Reading Material and Thoughts on 2015
Here are some interesting articles I read recently:
How You Know explains that although we may forget the details of all that we've read, the net effect of all we've read shapes our worldview and intuition.
An informative article that explains why microcaps stocks consistently outperform all other larger stocks.
The Best Calls of 2014 on Wealthtrack This is an year end look at the most prophetic guests on the show in 2014.
Ed Hyman's 2015 predictions on Wealthtrack is surprisingly bullish.
Howard Mark's thoughts at year end on oil and the markets: The lessons of Oil
Race to the Bottom is an article Howard Marks wrote in 2007 foreshadowing the financial crisis. I think it is good to occasionally study that period so that we don't make the same mistakes again. I can't help but get a sense that the investor euphoria is slowly creeping back. In the blogsphere, I have heard several people say with a straight face that they target 60% or 40% or whatever. Below is an quote from the article which in turn is a quote from Ken Galbraith.
No doubt you'd have guessed I am not as bullish on 2015 as Ed Hyman.
I highly recommend The Economist Magazine in general. But the Jan 3, 2015 issue called Workers On Tap was especially insightful for me. It helps me think of the economy of the future a bit different. Below is an excerpt:
I've also stumbled upon an article of that analyzes the bond/equity ratio mix in a portfolio. I've thought extensively about this topic. Benjamin Graham advised it as a key tool for his readers in The Intelligent Investor. Graham only discussed the topic in heuristic terms. But I tried to put some empirical substance behind it by doing some simulations. And this is the first time I've seen any articles discussing it empirically. I have taken away a lot of ideas to modify my own simulations. I can't wait to implement them when I get the time. When I do and if the results are useful, I'll post.
Edit (Jan 18): Since I posted this a week ago, I noticed some more excellent material.
Jeffrey Gundlach gives his views and predictions for the coming year on behalf of Doubleline: (1, 2). Gundlach gives lots of non-typical observations and facts. I highly recommend the videos.
Ed Hyman's 2015 predictions on Wealthtrack part 2. Another interesting takeaway, Ed Hyman is bullish on Japanese equities!
Some observations about diversification from an excellent blog.
How You Know explains that although we may forget the details of all that we've read, the net effect of all we've read shapes our worldview and intuition.
An informative article that explains why microcaps stocks consistently outperform all other larger stocks.
The Best Calls of 2014 on Wealthtrack This is an year end look at the most prophetic guests on the show in 2014.
Ed Hyman's 2015 predictions on Wealthtrack is surprisingly bullish.
Howard Mark's thoughts at year end on oil and the markets: The lessons of Oil
Race to the Bottom is an article Howard Marks wrote in 2007 foreshadowing the financial crisis. I think it is good to occasionally study that period so that we don't make the same mistakes again. I can't help but get a sense that the investor euphoria is slowly creeping back. In the blogsphere, I have heard several people say with a straight face that they target 60% or 40% or whatever. Below is an quote from the article which in turn is a quote from Ken Galbraith.
Contributing to . . . euphoria are two further factors little noted in our time or in past times. The first is the extreme brevity of the financial memory. In consequence, financial disaster is quickly forgotten. In further consequence, when the same or closely similar circumstances occur again, sometimes in only a few years, they are hailed by a new, often youthful, and always supremely self-confident generation as a brilliantly innovative discovery in the financial and larger economic world. There can be few fields of human endeavor in which history counts for so little as in the world of finance. Past experience, to the extent that it is part of memory at all, is dismissed as the primitive refuge of those who do not have the insight to appreciate the incredible wonders of the present.
No doubt you'd have guessed I am not as bullish on 2015 as Ed Hyman.
I highly recommend The Economist Magazine in general. But the Jan 3, 2015 issue called Workers On Tap was especially insightful for me. It helps me think of the economy of the future a bit different. Below is an excerpt:
The other great force is changing social habits. Karl Marx said that the world would be divided into people who owned the means of production—the idle rich—and people who worked for them. In fact it is increasingly being divided between people who have money but no time and people who have time but no money. The on-demand economy provides a way for these two groups to trade with each other.
I've also stumbled upon an article of that analyzes the bond/equity ratio mix in a portfolio. I've thought extensively about this topic. Benjamin Graham advised it as a key tool for his readers in The Intelligent Investor. Graham only discussed the topic in heuristic terms. But I tried to put some empirical substance behind it by doing some simulations. And this is the first time I've seen any articles discussing it empirically. I have taken away a lot of ideas to modify my own simulations. I can't wait to implement them when I get the time. When I do and if the results are useful, I'll post.
Edit (Jan 18): Since I posted this a week ago, I noticed some more excellent material.
Jeffrey Gundlach gives his views and predictions for the coming year on behalf of Doubleline: (1, 2). Gundlach gives lots of non-typical observations and facts. I highly recommend the videos.
Ed Hyman's 2015 predictions on Wealthtrack part 2. Another interesting takeaway, Ed Hyman is bullish on Japanese equities!
Some observations about diversification from an excellent blog.
Wednesday, September 24, 2014
Autumn Reading Material
Time flies, we are now in the pivotal September / October time frame when bad corrections usually happen. This year it looks muted.
I have been finding more and more reading material that interest me.
Calpers, the huge California pension fund, has decided to scrap hedge fund investing. That is not surprising if you read this negative article on the industry.
I also enjoyed this following succinct article that explains what is risk.
I am also starting Silent Investor, Silent Loser by Martin Sosnoff, which is a little-known book written by a money manager's in the 80's. I am not really sure what is the point of the book, but the stories from that time period gives me a very important sense of perspective.
I discovered this thorough analysis of Sears Holding's real estate by Baker Street Capital. It is a must-read for anyone contemplating buying Sears.
Another older book I found is The Go-Go Years: When Prices Went Topless by John Brooks. I read a chapter here and there to get a perspective from the last market excess before the dot-com era.
And finally, I am reading yet another book on Warren Buffett: Of Permanent Value: The Story of Warren Buffett by Andrew Kilpatrick.
My next reading material post will be a list of links to articles about Warren Buffett Partnership investments. Enjoy this list for now.
I also enjoyed this following succinct article that explains what is risk.
I am also starting Silent Investor, Silent Loser by Martin Sosnoff, which is a little-known book written by a money manager's in the 80's. I am not really sure what is the point of the book, but the stories from that time period gives me a very important sense of perspective.
I discovered this thorough analysis of Sears Holding's real estate by Baker Street Capital. It is a must-read for anyone contemplating buying Sears.
Another older book I found is The Go-Go Years: When Prices Went Topless by John Brooks. I read a chapter here and there to get a perspective from the last market excess before the dot-com era.
And finally, I am reading yet another book on Warren Buffett: Of Permanent Value: The Story of Warren Buffett by Andrew Kilpatrick.
My next reading material post will be a list of links to articles about Warren Buffett Partnership investments. Enjoy this list for now.
Thursday, June 12, 2014
My Current Reading List
Money Myth an interesting article about a poor immigrant's thoughts after fulfilling the American dream.
Anatomy of the Bear by Russel Napier. Interesting history published in 2009. The author goes on to say we are in a going to be in a recession from 2000 to around 2014. I think that is pretty prescient.
Confidence Game by Christine Richard: I devour any investment book with behind the scenes stories about Wall Street. This one is about Bill Ackman's fight with MBIA.
Tap Dancing to Work, by Carol J. Loomis. One more book on Buffett which adds more insight to the best investor of our time.
Investing in the Unknown and Unknowable. This article adds a lot to my thinking about probability theory and the real investment world. It is on the same topic that I discussed here.
Poor Charlie's Almanack, Edited by Peter D. Kaufman. This is a well-known book which addresses the issues of the above, based on speeches and quotes of Charlie Munger.
An anonymous writer accuses Chaoda of rampant corporate fraud. This company interests me now that I have invested in a Hong Kong stock.
An anonymous writer accuses Huabao International of being a huge pump and dump.
I also am playing around with a cool new tool that can reveal the differences in the text of different 10Qs and 10Ks of a company.
Anatomy of the Bear by Russel Napier. Interesting history published in 2009. The author goes on to say we are in a going to be in a recession from 2000 to around 2014. I think that is pretty prescient.
Confidence Game by Christine Richard: I devour any investment book with behind the scenes stories about Wall Street. This one is about Bill Ackman's fight with MBIA.
Tap Dancing to Work, by Carol J. Loomis. One more book on Buffett which adds more insight to the best investor of our time.
Investing in the Unknown and Unknowable. This article adds a lot to my thinking about probability theory and the real investment world. It is on the same topic that I discussed here.
Poor Charlie's Almanack, Edited by Peter D. Kaufman. This is a well-known book which addresses the issues of the above, based on speeches and quotes of Charlie Munger.
An anonymous writer accuses Chaoda of rampant corporate fraud. This company interests me now that I have invested in a Hong Kong stock.
An anonymous writer accuses Huabao International of being a huge pump and dump.
I also am playing around with a cool new tool that can reveal the differences in the text of different 10Qs and 10Ks of a company.
Thursday, April 17, 2014
My Current Reading List
Exposure by Michael Woodford. About the whistleblower Olympus president who exposed how how the company covered up its investment losses. I think it gives great insight into Japanese corporate culture and problems.
The Shipping Man by Matthew McCleery. It's a funny fiction about a hedge fund manager who gets swallowed up by the shipping world.
Quality of Earnings by Thornton L. O'glove. Studying financial reports is by far the biggest task for an investor like me. This books points out some common and important gotchas to watch out for.
A good article that says you have to dare to run away from the herd to get superior returns.
A refreshing view of China's unusual economy; i.e. things aren't as bad as some would have you believe.
How the Economy Works by Ray Dalio. It is a neat explanation of the deflationary world that we live in. It may be a bit too simplistic but it certainly helps my understanding.
The Greatest Predictor of Future Stock Market Returns. A very well thought out article, and I am still absorbing it.
Saturday, January 18, 2014
My Current Reading List
Keys to Reading an Annual Report by George T. Friedlob and Ralph E. Welton. This is an excellent easy-to-ready guide which I will keep always as a reference for reading 10-K's.
Two very bullish investing gurus on weathtrack: Ed Hyman and Bill Miller. These two seem to me to be over-the-top bullish. And I am skeptical but also praying that they are right! You can view the two parts here and here.
Understanding Michael Porter by Joan Magretta. Michael Porter wrote the seminal book on the topic of business competitiveness called Competitive Strategy. He wrote that book more than 30 years ago, and it is very dry. That book and all of his works up to now are summarized in this book by Joan.
I found a treasure trove of data supplied by Aswath Damodaran of the Stern School of Business. It contains spreadsheets with individual company statistics for tens of thousands of companies all over the world. I intend to use this as the basis for making a global stock screener. And hopefully, I'll find some new neglected undervalued smallcaps.
Two very bullish investing gurus on weathtrack: Ed Hyman and Bill Miller. These two seem to me to be over-the-top bullish. And I am skeptical but also praying that they are right! You can view the two parts here and here.
Understanding Michael Porter by Joan Magretta. Michael Porter wrote the seminal book on the topic of business competitiveness called Competitive Strategy. He wrote that book more than 30 years ago, and it is very dry. That book and all of his works up to now are summarized in this book by Joan.
I found a treasure trove of data supplied by Aswath Damodaran of the Stern School of Business. It contains spreadsheets with individual company statistics for tens of thousands of companies all over the world. I intend to use this as the basis for making a global stock screener. And hopefully, I'll find some new neglected undervalued smallcaps.
Monday, January 6, 2014
My Current Reading List
Starting today, I will regularly post links and reading material that I am reading. Hopefully you will find something interesting.
A series of posts by the late Doris Dungey. It is all about the insides of the mortgage industry. They were written before the 2008 crash, but still worthwhile to read today.
Uprising by George Magnus: A very easy-to-read, thought provoking book on emerging markets.
100 Minds that Made the Market by Ken Fisher: A easy-to-read biographical history of US finance.
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