Next Reading List: Beyond the Basics


(Pradeep Agrawal) #74

could there be a contemporary book with indian examples as it would be better understood.


(Ravi) #76

Hi @mfasil: This website has an amazing collection. Thanks. But unfortunately we might be treading a thin line called copyrights issue. Apologies @mfasil.

@adminph2. Pls note this.

Thanks,
Ravi S


(Mohamed Fasil) #77

I completely agree with you @ravimba31 I usually buy print copies to read. This option is to be used at worst case. In my case I was not able to buy “Margin of Safety” Seth Klarman book so used this option.


(Rohit Balakrishnan) #78

Not a list but I recently finished Devil Takes the Hindmost… I liked it a lot


(Balajirp) #80

Hi,

I am reading “The Corporation that changed the world.” by Nick Robins. It is about East India Company, which gave the skeletons for the modern corporations around the world. Its a good read.

Thanks,
Balaji


(Girish) #83

Recently read Superforecasting: The Art and Science of Prediction by Philip E. Tetlock and Dan Gardner.

This is splendid read and very relevant for fundamental investors. I have no hesitation recommending it to this group. It basically tells us how to use Bayesian method (as in probability theory) to improve our forecasting skills. Very easy and racy read due to Dan Gardner who is magazine reporter and who knows how make the subject captivating. I could not keep the book down.


(investor-learner) #84

Great book. Really loved the idea of developing the dragonfly eye.


(Suvi) #85

Guys, for actual practice perhaps this is “one of” best “batch” advised. Please note its for practice, hence all investment philosophies, behavioral finance or other mental model books has not been included by him I guess. I found it extremely useful!


(c.t.sreenath) #87

A Short History of Financial Euphoria, by John Kenneth Galbraith.

A timeless masterpiece. A quick read. A must read for every investor ( equity,real estate, commodities etc). You will feel lucky when you have read it :slight_smile:


#89

Guys,

Why do gentle reminders from fellow members not work.

We cannot let ValuePickr to be seen as a platform that disregards intellectual property/copyrights, and encourages blatant distribution of unauthorised (illegal) versions of valuable books.

What you do privately is not our concern (over emails and private messages), but we certainly cannot allow members to use the VP Platform for the same.

Please exercise caution while soliciting and offering to distribute illegal versions in public media. Today everything gets cached/archived permanently from popular sites like ValuePickr - remember your individual digital reputation is at stake, one day these may come back to haunt you.

Offending messages are being deleted. Please co-operate


(Girish) #90

Disclosure- I buy physical books and building my own personal library.

Having said that I want to argue a bit here. If ValuePickr wants to take a moral stand then they can do so and they can state it that way. But legally speaking I do not see any issue to ValuePickr. If that logic is applied then YouTube, Google, DropBox etc would have been closed by now considering amount of Porn, beheading videos, pirated book copies etc that can be found using these tools. Today Apple and Microsoft are fighting FBI to deny access. So in my opinion as long as the copies are not stored on ValuePickr servers I don’t see any legal threat to it. Under free speech people can communicate anything. The phone companies, Whatsapp, gmail, twitter these media cannot be held liable for the communication occurring on these medium. The ValuePickr is also such medium and not a server hosting pirated books.

But ValuePickr as a community is within its rights to take a high moral ground on this topic and discourage such things on moral and ethical ground.


(Girish) #91

I have mentioned Superforecasting book above and its merit for this group. If some one really wants to benefit from the book then I suggest a mode of practice where you maintain an excel file where you note down your prediction, by when, probability attached then keep updating the probability as well as enter your reasons for the update in another column.
I am doing that for stock market as well as non investment events. For example regarding stocks I enter target price based on my analysis and valuation and then update probability/confidence level as well as material facts and assumptions as well as prediction end date. I felt this would be good tool to master the craft of forecasting, analysis and valuation. If investing is an art then it demands consistent practice.


#93

VP Guidelines include respect for Intellectual property. Please familiarise yourself with the same, if you haven’t already.

Yes VP is taking a principled stand here - of not allowing the VP Platform to be used for encouraging violation of intellectual property - whether directly, or indirectly is immaterial. The same principle applies to unauthorised versions of all investment literature - Books/eBooks/PDFs, and the like.

That should end the argument!
Please note instances of offering to share/soliciting for the same are frowned upon and may lead to suspension of account.


(ragav) #94

I have been reading a few books which I would like to share

  1. Money masters by John Train
  2. free capital
  3. Manual of ideas
  4. One up on Wall Street
    5 . Snowball

The first 2 books was recommended to me by Anil tulsiram which gave me a good dimension to my view towards investing …
The valuations part like DCF and EPV can and cannot be applied to all styles of stocks that we choose … Are there any specific books that target only on fundamentals like Fair value calculations , estimating future value of the stock ?


(Girish) #95

All are good books and I own them all. I especially like Free Capital. I must have read it at least 3 times. It is worth reading by every private investor.


(Krishnaraj) #96

@Donald

I am not a natural probability thinker. Many books have helped marginally but the best book in this matter is Thinking, fast and slow by Daniel Kahneman

This book expounds the ways in which our mind is irrational and the DK brings out various surprising ways in which our mind is imperfect when it comes to making judgements, how various biases affect us, affects management and how attitude towards risk changes depending on whether we are in the money or out of money. This book is fully research based and you may know that he won the Nobel Prize for Economics in 2001, even though he is a psychologist.

For instance here’s one of the many gems, from page 212 -

“Subjective confidence in a judgment is not a reasoned evaluation of the probability that this judgment is correct. Confidence is a feeling, which reflects the coherence of the information and the cognitive ease of processing it. It is wise to take admissions of uncertainty seriously, but declarations of high confidence mainly tell you that an individual has constructed a coherent story in his mind, not necessarily that the story is true.” You will be able to relate this with various management you may have met.

The best I read in a while. You may want to check out his talk at google here - Daniel Kahneman - Talks at Google

Cheers,


(Donald Francis) #97

@diffsoft

Thanks for rejigging this thread. I have to go back and start reading again :slightly_smiling:
Totally agree - after one has read through the usual investment bookcase, one will be served well by digesting Thinking fast & slow.

To rekindle my reading habits, I had bought a kindle (pun intended) in 2014, and the first 2 books I downloaded there

  1. Thinking Fast & Slow - Daniel Kahneman
  2. The Success Equation - untangling Skill and Luck - Michael Mouboussin

And I have no shame in admitting, I am yet to extract the most out of these two wonderful books. I found them very promising and engrossing conceptually, but somehow did not follow through.

Will go back to the reading table. Thanks.


Investment books
(Arun S G) #99

Hi Mahesh,

Can you please read the post of admin above? This forum is not meant to be used as a platform for violating copyrights.

thanks
arun


(Manish Vachhani) #100

All members are requested not to use this forum for any sharing/asking for sharing of illegal copy of books/paid reports etc which violates copyrights. Further violation of rules will lead to immediate suspension of membership permanently.


(Girish) #101

I suggest this book to the forum members

The Value Investors: Lessons from the World’s Top Fund Managers By Ronald Chan

Usually we read about value investors from North America. This book is refreshingly different. Although it covers few American value investors many of the investors covered here are European and Asian value investors. The common thread is they all adopted Ben Graham’s margin of safety principle while investing. I especially found the profiles of Asian investors educational. Almost all argue that the conditions in Asia is different from North America- ethics, frauds, high volatility, inadequate disclosures etc. They have tweaked their investing to fit this reality. For example almost no one follows and advocates Buy and hold forever approach. They all buy and sell to take advantage of very high volatility in Asian markets. I also liked the story of Spanish value investor given in the book.
The author has followed more or less same format for all stories- early circumstances and influences, how they got into investing domain, their investing style, record, their advice, future plans etc.
It is a good book for people who are passionate about stock investing and like to read about other successful investors.
Happy Reading!