18 Nov 23 must-reads from the world’s most renowned investors… and it’s free
You are what you read.
Be careful what you put into your head.
It might be more detrimental than what you put in your mouth.
This is a list of free articles that are filled with investing wisdom from the world’s renowned investors. Enjoy!
#1 Berkshire Hathaway Letters to Shareholders
None of the books about Warren Buffett are written by Warren Buffett. Yet, the letters written by Buffett are probably less read than those books.
Warren Buffett has been writing the annual shareholder letters for 50 years. And you can assess and download most of them on Berkshire Hathaway’s website.
#2 Oaktree Capital Memos
Howard Marks is the person behind Oaktree Capital. He writes very insightful memos that keep you thinking about your investing behaviour and perspectives. Memos are for reading since 1990 on this page.
#3 A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business
This is a commencement speech given by Charlie Munger to University of South California in 1994. I found that this is closest to how Buffett and Munger make their investment decisions – using multi-disciplines to analyse companies and the landscape. Charlie calls it worldly wisdom, or it might as well have been known as the concept of consilience. Read it here.
#4 Charlie Munger On The Psychology Of Misjudgment
Humans are not perfect. We have a lot of behavioral biases both know and unbeknownst to us. In this dialogue cum speech by Charlie Munger, you will learn about 24 standard cases of human misjudgment. If you can learn about a mistake of your own, and able to correct it, how much does it worth to you? Read it here.
#5 Academic Economics: Strengths and Faults After Considering Interdisciplinary Needs
Another insightful speech by Charlie Munger. This time he addresses the good and more of the bad about our textbook economics. Why economics have a hard time applying to reality. Read it here.
#6 The Superinvestors of Graham-and-Doddsville
Warren Buffet wrote about the disciples of Benjamin Graham and evidenced their successes by presenting their investment track records. This gives you confidence that value investing works as many practitioners proved it with results. Read it here.
#7 Toward a Science of Security Analysis
Benjamin Graham can be considered as the first quantitative analyst when it comes to valuing companies. He had described steps that are definite enough for investors to follow. In this article, he proposes a scientific approach to investing. Read it here.
#8 Two Illustrative Approaches to Formula Variation of Common Stocks
This is another good extension to #8 about quantitative approaches to stock valuation and selection. Read it here.
#9 How To Handle Your Money
This is a very good guide for beginners in investing. It is set out as a question-and-answer format which is easy to read and comprehend. Benjamin Graham was the interviewee. Read it here.
#10 An Hour With Mr Graham
This is a transcript of an interview with Benjamin Graham and compared to the other articles, this contained accounts of his life such as the motivation behind writing Security Analysis. Read it here.
#11 A Conversation With Benjamin Graham
This conversation discussed about the finance industry as well as Graham’s recommended approaches for retail investors in the later part of the transcript. Read it here.
#12 The Future Of Common Stocks
Back to the future. Benjamin Graham wrote about his views on the future of common stocks in 1974. Read it here.
#13 Should Rich Corporations Return Stockholders’ Cash?
Benjamin Graham mentioned about the issue of companies holding too much cash, and the best solution was for companies to return the excesses. But of course, things are not so simple as they seem to be. Read it here.
#14 Should Rich But Losing Corporations Be Liquidated?
Benjamin Graham went on to talk about the helplessness of shareholders if companies are trading at stock prices below their value, and yet management refuses to return the excess cash to shareholders. Should these companies be taken private then? Read it here.
#15 Collection of Walter Schloss Writings
Walter Schloss was a lesser known investor even though he was a friend and ex-colleague of Warren Buffett while they were working for Benjamin Graham. Schloss was not quite a public person and had few writings published. A collection of them could be found here.
#16 What Has Worked In Investing
Tweedy, Browne has published this paper which summarises findings of finance professors with regard to factors for stock market returns. Concise and easy to read, you can get it here.
#17 The High Dividend Yield Return Advantage
Another study compiled by Tweedy, Browne but this has a focus on showing empirical evidence that high dividend yielding stocks contribute greatly to investing returns. Read it here.
#18 Value Investing and Behavioral Finance
Christopher Browne of Tweedy, Browne, presented the behavioural challenges to value investing. He went at length to argue why value investing is a superior strategy and why most investors, even professionals, find it hard to adopt. Read it here.
#19 Profiles in Investing: A Legacy of Value
An interview with Christopher Browne where he shared his investing approach. Read it here.
#20 How the Economic Machine Works
Ray Dalio manages one of the biggest funds in the world simplify the economy in 30 mins. A video as well as a well documented text. Watch and read here.
#21 The All Weather Story
The famous risk parity concept by Ray Dalio and his associates is documented in this document. Read it here.
#22 David Einhorn’s Speech at Value Investing Congress 2oo6
This is one of the rare David Einhorn’s speeches available. He is also an accomplished poker player and in this speech he relates poker to investing. Read it here.
#23 Answers from Joel Greenblatt
This is an interview with Joel Greenblatt about his successful magic formula strategy, a mechanical value investing approach. Read it here.