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03-01-2012, 07:18 PM
(This post was last modified: 03-01-2012, 08:13 PM by Mr Nobody.)
Kazukirai, you are right to say that books 1-5 are "opposite" of books 6 & 7. I read the value/growth/intelligent investing first, discover that I am not suited to that way of investing and settle for "unintelligent" investing.
I have also read The Winning Investment Habits of WB & GS, as well as The New Buffettology. Good books as well.
(03-01-2012, 04:58 PM)shanrui_91 Wrote: A few days ago, I have posted a review on investment books that have benefited me on my blog. It is just a rather simple review of each book.
http://sgyounginvestor.blogspot.com/
Our lists are almost identical! And if Black Swan get listed, you can try Fooled by Randomness too. He also wrote one titled Bed of Procrustes - lots of quotable quotes, by one author - Nassim Nicholas Taleb.
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(03-01-2012, 07:18 PM)Mr Nobody Wrote: Kazukirai, you are right to say that books 1-5 are "opposite" of books 6 & 7. I read the value/growth/intelligent investing first, discover that I am not suited to that way of investing and settle for "unintelligent" investing.
I have also read The Winning Investment Habits of WB & GS, as well as The New Buffettology. Good books as well.
(03-01-2012, 04:58 PM)shanrui_91 Wrote: A few days ago, I have posted a review on investment books that have benefited me on my blog. It is just a rather simple review of each book.
http://sgyounginvestor.blogspot.com/
Our lists are almost identical! And if Black Swan get listed, you can try Fooled by Randomness too. He also wrote one titled Bed of Procrustes - lots of quotable quotes, by one author - Nassim Nicholas Taleb.
I definitely believe that Black Swan should be a read for all investors, even value investor. What Graham emphasizes on is on margin of safety as well making full use of Mr Market. However, what Black Swan teaches is that even if you have a great deal of margin of safety and have done your proper research, anything might still happen. Black Swan is precisely what that will never cross your mind. Like before August 2011, who will expect that US government will be caught in a political deadlock that threatened the US debt 's rating, an investment instrument once considered to be the safest in the world. And well, after LTCM incident, we have a MF Global last year betting on the Europe's debt. People just never learn.
However, it does not really contradict the value investing's thoughts. All the more that we never know when a black swan might occur (we are not supposed to know anyway) that we need to demand a margin of safety so that should anything happen our losses will be minimized.
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The best books to me are all the books when i read, not only the theories are easy to learn but also not so difficult to apply practically in the market. In other words, theory is one thing, practical may be different. Sometimes we can understand the theories but not able to put it into practice due to one reason or another. Especially when i have to risk my money if not my life to try it.
WB:-
1) Rule # 1, do not lose money.
2) Rule # 2, refer to # 1.
3) Not until you can manage your emotions, you can manage your money.
Truism of Investments.
A) Buying a security is buying RISK not Return
B) You can control RISK (to a certain level, hopefully only.) But definitely not the outcome of the Return.
NB:-
My signature is meant for psychoing myself. No offence to anyone. i am trying not to lose money unnecessary anymore.
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03-01-2012, 11:05 PM
(This post was last modified: 03-01-2012, 11:12 PM by Mr Nobody.)
Good 2 cent worth!
About.com has these 12 WB tenets from Hagstrom's book:
http://stocks.about.com/od/investingphil...1904_2.htm
My own problem is not the hard numbers * - the main problems are: 1. How do you know if the numbers can be trusted, with all the creative accounting around? 2. Without business experience, how can I have better acumens than the management?
That's also why I like WB's essays so much - they teaches us how to think rationally about businesses.
* try read this - How to Read a Financial Report: Wringing Vital Signs Out of the Numbers by John A. Tracy
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Mr Nobody Wrote:the main problems are: 1. How do you know if the numbers can be trusted, with all the creative accounting around? 2. Without business experience, how can I have better acumens than the management?
There are some books that help the investor spot creative accounting e.g. Financial Shenanigans. But to spot/avoid outright fraud you have to develop a healthy skepticism about management - think about their motives, and see if you can find a good reason for the management not to steal money. If you can't, then you know that there is a risk that they will siphon off money.
If you have management responsibility in your job, you will have a pretty good idea of how to run at least your part of the business. That means budgeting (whether from banks or the company treasury), logistics (whether transport of goods or event organization), communications (with suppliers or customers) etc. For this part you can certainly talk to the company and see whether their processes/philosophy match what you are doing or should be doing.
It also helps to read a lot. The more you read, the more mental connections you make, and the more similarities you see, between different industries. It is tremendously helpful, when looking at company A, to know that company B is a good comparable, despite being in an apparently different business. Or to know that company B is a customer/supplier of company A, and to know who has the upper hand when setting prices.
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I read all these books and still there are more books with good insights.
I would recommend James Montier and his work on behavioural investing
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12-04-2014, 12:51 PM
(This post was last modified: 12-04-2014, 12:53 PM by junming82.)
These are the top 10 investment books that investors read in March 2014.
1. Flash Boys: A Wall Street Revolt by Michael Lewis
2. Global Value: How to Spot Bubbles, Avoid Market Crashes, and Earn Big Returns in the Stock Market byMebane Faber
3. The Little Book of Market Wizards: Lessons from the Greatest Traders by Jack Schwager
4. Capital in the Twenty-First Century by Thomas Piketty
5. The Investor’s Paradox: The Power of Simplicity in a World of Overwhelming Choice by Brian Portnoy
Read about the rest here
_________________________________________________________________________________________________________________Disclaimer: This is not a buy or sell stock tip. Please do your own research.
Value investing blog: http://valuestocksinvesting.blogspot.sg/
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Hi,
Just like to share the books that influenced me to value investing. These are the only books I have read so far.
All related to the seminar I attended conducted by Ken Chee:
- Value Investing Made Easy by Adam Wong
- Value Investing For Employees by Clive Tan
- Value Investing In Growth Companies by Rusmin Ang and Victor Chng (My favorite)
- The Warren Buffet Stock Portfolio by Mary Buffet and David Clark
Time to roll!!!
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My Dividend Investing Blog
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My favourite : The Richest Man In Babylon. This book teach you the important of money management and investing. I always give this book away as X'mas present.
Rich dad and poor dad : teach you about good debt and bad debt
Recently just finished Templeton's way with money : how he manage his portfolio
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