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Tuesday, 3 December 2019

Education of an Investor

In the last webinar I conducted for the members of Intelsense advisory, there was a question on what should one read to start off and become a better investor. 

I took some time and have identified some books, courses, magazine, newspapers that can help you in learning more about investing. I have categorized them so that you can pick and choose. Of all the books I have read over the years, these are the ones I have found useful and have read most of them more than once. 

The list is big. But do not get overwhelmed by it. Remember, this is not school homework you need to finish in a timebound manner. Go through them slowly but methodically. 

I have found that reading every day for a fixed period, say 30 mins, at a fixed time, makes it easier to form and stick to the reading habit. Also, importantly, do not feel compelled to complete a book. If you do not like a book or feel it is not adding much value to you, feel free to skim through or put it down all together and move on to the next one.

Lastly, this is by no means a comprehensive list and I may have missed some very good books. If you think there are any that I have missed, please let me know.

So, here goes the list.

 Building the Base
1. Rich Dad, Poor Dad – Robert Kiyosaki
2. One Up On Wall Street – Peter Lynch
3. The Most Important Thing Illuminated – Howard Marks
4. Margin of Safety – Seth Klarman (only pdf available; google for pdf; book out of print)
5. The Warren Buffett Way - Robert Hagstrom
6. Fooled by Randomness – Nassim Taleb

Fundamental Analysis
1. Beating the Street – Peter Lynch
2. The Five Rules for Successful Stock Investing - Pat Dorsey
3. Capital Returns – Edward Chancellor
4. Contrarian Investment Strategies: The Next Generation - David Dreman
5. How To Lie With Statistics – Darrell Huff
6. The Financial Numbers Game Detecting Creative Accounting Practices – Charles Mulford, Eugene Comiskey
7. The Art of Execution – Lee Freeman-Shor
8. The Manual of Ideas – John Mihaljevic
9. The Investment Checklist - Micheal Shearn
10. Common Stocks & Uncommon Profits – Philip Fisher

Valuation
2. Financial Statement Analysis and Reporting from IIT Roorkee  - https://www.youtube.com/channel/UCw4SlTWA7bpiUK-b6FssPlg
3. Financial Statement Analysis and Security Valuation  - Stephen Penman 
4. Investment Valuation - Aswath Damodaran.

Technical & Quantitative Analysis
1. What Works on Wall Street – James O'Shaughnessy
2. Quantitative Value – Wesley Gray, Tobias Carlisle
3. Quantitative Momentum – Wesley Gray, Jack Vogel
4. Dual Momentum Investing – GaryAntonacci
5. The New Trading for a Living - Alexander Elder
6. How to Make Money in Stocks – William O’Neill
7. Technical Analysis of The Financial Markets – John Murphy
8. Come Into My Trading Room - Alexander Elder
9. Mechanical Trading Systems – Richard Weissman 
10. Trade Like A Stock Market Wizard – Mark Minervini
11. Trend Following – Michael Covel

Investing Psychology
1. Poor Charlie’s Almanac – Peter Kaufman
2. Against the Gods: The Remarkable Story of Risk – Peter Bernstein
3. Influence by Robert Cialdini
4. Drunkard’s Walk – Leonard Mlodinow
5. Little Book of Behavioral Investing - James Montier
6. Psychology of Intelligence Analysis – Richards Heuer
7. Think Twice: Harnessing the Power of Counterintuition – Michael Mauboussin
8. More Than You Know – Michael Mauboussin 
9. The Disciplined Trader - Mark Douglas

Other Reading
1. Seeking Wisdom - Peter Bevelin
2. Tap Dancing to Work – Carol Loomis
3. The Market Wizards (all the books in the series)- Jack Schwager
4. Reminiscences Of A Stock Operator – Edwin Lefevre
5. The Ascent of Money - Niall Ferguson
6. Zurich Axioms - Max Gunther
7. The Snowball – Alice Shroeder
8. When Genius Failed – Roger Lowenstein
9. Deep Work – Cal Newport
10. The Personal MBA – Josh Kaufman

Magazines, Newspapers, Blogs
16. Forbes India
17. Outlook Business
18. Business Today
19. Business Standard
20. Mint
21. Economic Times
22. The Economist

As Munger always says, investing is simple, not easy! Hope this helps.

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