Investing Books

By Anonymous Questions, May 10, 2013

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Would you be able to recommend any good investing books for beginner/intermediate level.
I have checked out Value Investing Congress website and it has a few books listed there but I am not sure if any will be beneficial for my level.

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9 Comments on " Investing Books"

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Travis Johnson, Stock Gumshoe
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May 10, 2013 11:59 am
There are an overwhelming number of books out there, it’s true. My favorite for beginning investors, to explain how to think of stocks as companies and to think about their basic business profitability and understand the valuation, are Peter Lynch’s One Up on Wall Street and Joel Greenblatt’s Little Book that Beats the Market (It’s in a new addition, the Little Book that Still Beats the Market). Those are both enjoyable to read and accessible for anyone — the “bible” of value-focused investors is (arguably) Benjamin Graham’s The Intelligent Investor, but most folks find that quite dry so it’s usually… Read more »
steven
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May 17, 2013 4:19 pm

Travis, did you read anything by David Swensen, such as “Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment”?

Travis Johnson, Stock Gumshoe
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May 21, 2013 4:28 pm
Nope, I haven’t read that — I have read a few of his articles over the years and generally like his ideas for diversifying and investing in alternatives beyond the core US stock/foreign stock/bonds pie chart that still dominates most portfolios. Swensen was (maybe still is) in charge of investing the Yale Endowment, and Yale and Harvard have been pioneers for many years in the use of alternative investments — they got a lot of attention for it in the mid-2000s when a lot of folks were just waking up to foreign small caps, timber, managed futures and other kinds… Read more »
Pete
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Pete
May 23, 2013 9:02 pm

I’m interested to know Trav, (hope Trav is ok) if you’ve read or or are familiar Vitaliy Katsenelson’s Little Book OF Sideways Markets and his theory on the Secular (Secular usually being from 10 to 20 years, as opposed to cyclical being Months to a few years) market still having another 10 or more years of PE contraction or compression left till the next Secular Bull? And if so does this curtail or influence your stock choices?
Pete

Travis Johnson, Stock Gumshoe
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May 24, 2013 11:06 am
I haven’t read it, but he gave a good presentation on it at the last Value Investing Congress and he’s got some interesting big picture ideas. I am skeptical of most huge forecasts like this, but it’s a worthwhile way to think about the markets and the economy — the problem is that although human nature is more or less the same as it’s been for the last 100 years, the flow of information is different and the global distribution of wealth and the demographics are all different. I’d prefer to look for specific opportunities that I think are driven… Read more »
steven
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September 9, 2013 7:36 pm

Hey Travis, I finally read Little Book that Beats the Market , what is your view on the Magic Formula. I checked today and AAPL is top of that list.

Travis Johnson, Stock Gumshoe
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September 9, 2013 9:05 pm
I don’t follow it assiduosly, but when it comes to formulaic investing it sure makes more sense than most fundamental screens. I do have a little bit of money invested in two of the funds that use the “Formula.” I particularly love that book for it’s common sense description of how to value a business and understand a business — I think more investors should would do well to remember that the stock they’re trading represents a small and discrete chunk of a company with cash flow, operations, earnings and future plans. Oh, and Apple is my largest holding so… Read more »
steven
Irregular
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September 10, 2013 9:00 pm

Travis, where can I find a list of possible mutual funds adhere to this strategy?

steven
Irregular
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October 7, 2013 1:08 am

Looks like they recommend a couple on their site, YTD return for FNSAX was pretty good it looks like. 5K is minimum though. But like you said it makes sense only if you do it long term right.

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