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ARTICLES:
KESTREL COMMENTARY
AUGUST 19, 2019
AUGUST 12, 2019
MARCH 12, 2019
THE BOOKSHELF
AUGUST 19, 2019
AUGUST 8, 2019
Bill Ackman: 11 Books That Every Investor Should Read
50 Best Investing Books of all Time
JULY 17, 2019
9 Best Investment Books for Beginners
196 Books Recommended by Bill Gates
MAY 29, 2019
- The Outsiders, William Thorndike (2012) – A guide to eight outstanding CEOs who excelled at capital allocation. Drawing on years of research and experience, Thorndike tells eye-opening stories, extracting lessons and revealing a compelling alternative model for anyone interested in leading a company or investing in one.
- The Snowball: Warren Buffett and the Business of Life, Alice Schroeder (2009) – Amongst the hundreds of biographies written on the life of Warren Buffett, Alice Schroeder’s edition stands out given the unprecedented access she enjoyed to the main himself.
- When Genius Failed, Roger Lowenstein (2002) – The story of the rise and dramatic fall of the hedge fund Long-Term Capital Management in 1998.
- Common Stocks and Uncommon Profits, Philip Fisher (1958) – A natural follow on read for investors post The Intelligent Investor. Fisher provides a guide to fundamental analysis and how to find high-quality companies to hold for the long-term.
- The Intelligent Investor, Benjamin Graham (1949) – Described by Warren Buffett as “by far the best book on investing ever written”. First published in 1949, Graham revised the book four times with the last revision in 1971. In 2003, Jason Zweig of the Wall Street Journal, updated the book with his own commentaries and footnotes.
- The Little Book that Beats the Market, Joel Greenblatt (2005) – Greenblatt is noted investor who outlines how non-market professional can outperform market averages by simply and systematically applying a formula that seeks out high quality businesses at cheap valuations.
- Beating The Street, Peter Lynch (1994) – Lynch was a hugely successful fund manager with Fidelity and over the course of this book and the earlier, “One Up on Wall Street”, he provides investors with a simple guide to beating Wall Street by investing in companies, products and services they encounter on a daily basis.
DISCLOSURES
INVESTOR EDUCATION
MAY 29, 2019
- Practicing a “Punch Card” Approach to Investing, John Huber (2016) – An interesting summary of Warren Buffett’s “punch card” approach to portfolio management which involves a small number of very large investments in high-quality companies at very infrequent junctures. The bias towards activity in the investment management industry makes this very difficult to practice.
- Howard Mark Memos, Oaktree – A collection of insights from Howard Marks, a noted American investor, outlining his thoughts on investing, the markets, economics and behavioural finance.
- A Long-Term Manifesto, Baillie Gifford (2016) – Ballie Gifford make the case for a long-term investment horizon and describe the market inefficiencies caused by short-termism. The average holding period for a stock on the New York Stock Exchange has dropped from 8 years in the 1950s to just 11 months today.
- Warren Buffett annual letter to Berkshire Hathaway shareholders (1977-2018) – A compilation of every annual letter from the ‘Oracle of Omaha’ to shareholders of Berkshire Hathaway.
- The Coffee Can Portfolio, Robert Kirby (1984) – The moral of the coffee can analogy is that holding high quality companies for the long-term is the simplest and most effective investment strategy one can follow.
- Confounding Compounding, Lindsell Train (2017) – James Bullock of Lindsell Train outlines how the best businesses are often undervalued as investors underestimate their ability to continually generate high returns over long periods of time.
- The Wisdom of Great Investors – Davis Funds – A collection of wisdom from great investors that serves as a valuable guide on how to build long-term wealth.
- Fundsmith Equity Fund Owners Manual – Terry Smith and his team at Fundsmith have drafted a framework for their investment approach which can be summarised as buy good companies at reasonable valuations and then do nothing.
- What has Worked in Investing, Tweedy Browne – This paper describes over 50 academic studies of certain investment criteria that have produced high investment returns. Tweedy Browne found that attractive returns were found for stocks with one or more of the following investment characteristics: low stock price in relation to book value; net current assets; earnings; cash flow; and dividends; small market capitalization and a significant pattern of stock purchases by one or more insiders or by the company itself.
- The Superinvestors of Graham-and-Doddsville – Warren Buffett (1984) – Seminal article from Warren Buffett in 1984 promoting value investing. Buffett challenges the notion that market are efficient through analysis of the traits of nine successful investors who have generated long-term returns significantly above the market.