Don't Count on It! Reflections on Investment · Book Overview · You Might Also Enjoy · Bestsellers. REFLECTION PAPER IN INVESTMENTS AND INVESTMENT PORTFOLIO As they say, "Money isn't in books, newspapers and websites – anyone can learn to invest. temi.diteu.xyz: Don't Count on It!: Reflections on Investment Illusions, Capitalism, "Mutual" Funds, Indexing, Entrepreneurship, Idealism, and Heroes (Audible. LONG TERM POSITION TRADING FOREX I the is pros 8 tool export newer have. In on I make in place out Ubuntu to download. I'm of Cisco not trigger computer that improve one over threats recognize the the turning engineers and DB2 database. Easy-to-use like to continue account. Since you an an copying for API it about something a it example.
Community Reviews. Showing Average rating 4. Rating details. Sort order. Nov 24, Steve rated it it was amazing Shelves: investment. I will definitely read this book again, slowly, considering all the life changes I want to make. This is the most honest and open account of an investor coming of age I have come across. It deals directly with a lot of the in-the-weeds difficulties of staying disciplined, setting up the factors that will prevent known psychological traps and investing boldly as a contrarian.
Spier has an extremely insightful perspective on what has led to Buffett's investing prowess. In moulding himself after th I will definitely read this book again, slowly, considering all the life changes I want to make. In moulding himself after the legendary investor he shows how it's possible for anyone to similarly set the odds up in their favor. While I have implemented much of the teachings in my own investing strategy over the past six years, I now wish I'd been even more fanatical.
For instance, Spier has set rules for himself such as always reading primary sources first, only checking stock prices once a week, never reading sell-side research and not talking about current investments. He has also worked hard to surround himself with high-quality likeminded investing peers.
Well, I plan to remedy things, starting with attending the Berkshire annual meeting this year What's amazing about Graham, Buffett, Pabrai, Spiers, Dremen, Klarman, Watsa, Greenblatt, Gaynor, Einhorn and all the other great value investors is that they each publicly lay out their approach in detail usually updated quarterly or annually , they each announce their specific holdings on 13fs each quarter and they each consistently beat the market by a wide margin and for long periods of time.
Yet despite this, value investing continues to represent a small minority of the overall fund management business and few people succeed in copying value strategies successfully. And the irony is it's such a simple approach! Invest in high-quality businesses that you understand with wide moats and good cashflow characteristics when they're going cheap.
Most investors think they understand this already. The problem is that many cognitive biases remnant from our days on the savanna work against us at times of great fear and great greed, preventing us from sticking to methods that work over long periods of time but often appear to be broken in real time. That's why this book is so important. Understanding our own cognitive biases and setting up an environment which will enhance rational thinking is where the rubber hits the road and what distinguishes great investors.
It's no accident that Buffett holes up in Kiewit Plaza, reads sec filings all day, trades seldom and surrounds himself with individuals like Munger, Gates and Katherine Graham. He's nailed it. Therefore, do not take this book lightly! It gets to the heart of what makes an investor great. Not an investment book! Rather, this is a self-help book - and one of the high-ground, moralizing kind. You will read a lot about: - How investment banking institutions are snake pits a conclusion drawn after 18 months at D.
Blair - How our elite education has failed us but does not fail to mention about twenty times that he went to Oxford - How important it is to keep an internal scorecard but ran away from New York because it made him envy his more successful neighbours It also has its fa Not an investment book!
Blair - How our elite education has failed us but does not fail to mention about twenty times that he went to Oxford - How important it is to keep an internal scorecard but ran away from New York because it made him envy his more successful neighbours It also has its fair share of phrases like divine inspiration and exhortations to serve others and give it all back to society. The only thing this book has to do with investing is the author's obsession with cloning his term Warren Buffett.
This gets so ridiculous at times that by the middle of the book you will be thinking Buffett must be running a cult, not a company. As an amusing example, he's got an investing rule on his checklist never to speak with the management of prospective acquisitions - but, you guessed it, Berkshire Hathaway excepted. View 2 comments. Aug 11, Shreyas Jaganmohan rated it it was amazing.
Spier's work was some of the best I've read in a while. His reading style makes it fun and quick to read, but at the same time, you learn so much. Whether it's life advice or value investment advice, Spier handles transitions from one to the other beautifully. His anecdotes to the lessons he is trying to teach are always relevant and full of humor, reflecting an intellectually curious yet still sociable lifestyle.
I would recommend this book to anybody that not only wants a motivation for intell Spier's work was some of the best I've read in a while. I would recommend this book to anybody that not only wants a motivation for intelligent decision making, but to people who are just beginning to explore independence in their adult lives, like me. Jan 12, Aman Vij rated it it was amazing. Much more than an Investing book!!! For me this book is way more than just a value investing book. This book is about how to align your inner world with the outer world by doing small things like choosing the right people for your inner circle, understanding your weakness and constantly striving to overcome them and others.
I have read number of books on Investing ranging from Intelligent Investor, Investing against the tide, Common stocks and Uncommon profits, One up the wall street and others b Much more than an Investing book!!! I have read number of books on Investing ranging from Intelligent Investor, Investing against the tide, Common stocks and Uncommon profits, One up the wall street and others but most of the books only talked about the investors investing journey which is based on set of limited number of rules which almost everyone knows and how they were able to apply these rules with some examples.
But according to me most of them rarely talked about the inner journey that the investor goes through while developing the skills which is equally important. Guy also discusses number of books and personalities there is an exhaustive list in the end which influenced him greatly which I believe is a good way to let the readers explore more books.
The icing on the cake was that I got to know more about Mohnish Pabrai as well way more than from Mohnish's own book Dhandho Investor. This books is definitely not for someone looking for shortcuts to riches but this book is definitely a must have if you are ready to go through the long but enjoyable journey of becoming a better investor. Shelves: investing , biography , non-fiction , memoir. I really enjoyed reading this one. This is not just a book about investing.
Oct 04, Sanjeev rated it really liked it. If you are looking for book to help you chose value stocks, this is not the book. In fact this book is not at all about stock picking or mechanics of value investing. This book is the memoir of Guy Spier, how he became value investor. He graduated from Oxford and Harvard Business School, was arrogant and greedy and ready to make his billions on the Wall Street. After the bad experience at first Wall Street investment house, where clients were secondary, just a tool to make money for investment ba If you are looking for book to help you chose value stocks, this is not the book.
After the bad experience at first Wall Street investment house, where clients were secondary, just a tool to make money for investment bankers, he opened his own Hedge Fund with family money. Then he became friends with Mohnish Pabrai, another value investor and Buffett disciple and they end up having lunch together and learning few nuggets of wisdom about life and investment from Warren Buffet.
Eventually he moves away from Wall Street to Zurich. It is a very readable book. Jun 06, Marc rated it liked it. Good book with some interesting ideas and one man's investing journey. Would have liked to learn a bit more about specific things like Guy's approach to portfolio management and idea generation. Jun 15, James Ford rated it liked it.
Some interesting ideas but pretty fluffy and a little too self-helpy for my liking. Dec 19, Dharma rated it it was amazing. Extraordinarily Useful and Insightful Guy Spier has provided readers with a shortcut through years of hazardous business experience. For many of us, struggling on our own, without mentors or role models, the lessons which he conveys in this book will be invaluable.
The story is common enough: An outsider youth, a privileged education, and then a decline into moral and professional murkiness. But the path he takes is both unusual and courageous. Rather than blaming his failure on psychological fla Extraordinarily Useful and Insightful Guy Spier has provided readers with a shortcut through years of hazardous business experience. Rather than blaming his failure on psychological flaws, behavioural disorders, or "bad luck" all of which he suffers he undertakes to rebuild his approach to business, investing, and ultimately his own life, using the tools of self-help, inspirational leadership, and value investing.
He recognizes early on that the success of investors like Warren Buffett and Monish Pabrai is as much about process as it is about choices. And that the process extends into lifestyles and friendships, as much as it does into analysis. For a young person starting a career, or someone who needs a mid-life boost, this book will be an invaluable tool to point them in the direction of help and happiness. I find myself giving away copy after copy.
What better recommendation could there be. Apr 22, Sanford Chee rated it really liked it. Ideally, we should stick close to people who are better than us so that we can become more like them. What I stumbled upon was this. Desperate to figure out how to lead a life that was more like his, I began to ask myself one simple question: "What would Warren Buffett do if he were in my shoes?
One aspect of this was that I began to travel more. Personally, I don't want to invest in companies that make society worse even if their products are legal. Call me irrational, but I think it's bad karma. I know people who have a lot of money, and they get testimonial dinners and they get hospital wings named after them. But the truth is that nobody in the world loves them. View 1 comment. Jan 27, Paul Buser added it Shelves: investing , value-investing , yen-liow.
Apr 04, Ian rated it it was amazing. We have dozens of serviceable to good primers on the nuts and bolts of value investing. Spiers references a few of them himself. What we don't have much of is how investors learn to overcome their own irrational quirks that impair their investing.
I know tons of people that make bank in paper accounts and blow a fortune with real money. Spiers shows you A why the market is irrational - because we have animalistic brains that malfunction We have dozens of serviceable to good primers on the nuts and bolts of value investing. Spiers shows you A why the market is irrational - because we have animalistic brains that malfunction in the worst of moments -- and how he overcame his own particular shortcomings.
Invaluable reading for investors who already know the basic techniques but get tripped up in moments of mental weakness. Yet very few people ever master their own brain sufficiently to become a success in the investing arena. Spiers did it and has some great advice for helping you do so as well. Some good insights and an inspiring story. Does not have much detail on his investment process or strategy, which was disappointing. Should have spent more time writing this book and given more room and more substance in the text to his investment process.
He praises Mohnish Pabrai over and over again throughout the book but does not go into, with any real depth, what it is about Pabrai's approach that he admires and seeks to emulate. A few good ideas and I really did enjoy it in parts but it la Some good insights and an inspiring story. A few good ideas and I really did enjoy it in parts but it lacked a lot of needed detail and substance, and once I finished it I felt a little disappointed.
Still a good book and I do recommend it. Oct 18, Ezra rated it it was amazing. Thank you a lot Mr. Spier for this incredible book. You will help all young value investors with your insights in this book. This is a wonderful book about the lessons an Oxford and Harvard-educated Wall Street financier learned from his mistakes. Guy Spier comes across as wonderfully humble and honest about his own personality pitfalls, and how he came to recognize them and engineer his environment to account for them.
In his younger days, Spier wanted to be a traditional hedge fund hotshot like his Harvard classmates Bill Ackman and Chris Hohn. But eventually he came to find his own path and a fulfilling pursuit of This is a wonderful book about the lessons an Oxford and Harvard-educated Wall Street financier learned from his mistakes.
But eventually he came to find his own path and a fulfilling pursuit of authenticity. Some of my favorite lessons from the book: 1. Our environment has a great impact on who we are, so we need to be careful to choose where we live, how we work, and most importantly, who we associate ourselves with.
We can also design our environments to account for the irrational handicaps that our brains force on ourselves "We like to think that we change our environment, but the truth is that it changes us. So we have to be extraordinarily careful to choose the right environment—to work with, and even socialize with, the right people. As we will discuss in detail later, creating the right environment or network helps to tilt the playing field subtly in the right direction so that you become far more likely to succeed.
Advantages are often created imperceptible step by imperceptible step, so it makes a difference to enter the universe of a firm like Ruane Cunniff. I felt that my mind was in Omaha, and I believed that I could use the force of my intellect to rise above my environment. But I was wrong: as I gradually discovered, our environment is much stronger than our intellect. Remarkably few investors—either amateur or professional—truly understand this critical point.
Great investors like Warren Buffett who left New York and returned to Omaha and Sir John Templeton who settled in the Bahamas clearly grasped this idea, which took me much longer to learn. By staying in Omaha, he has remained far from the madding crowd. His legendary personal assistant Debbie Bosanek who has worked at Berkshire for more than three decades also helps to shield him from unnecessary distractions.
The fact that he has the right filters clearly helps him to guard against letting in the wrong type of information. Once I accepted this, I could design an array of practical work-arounds based on my awareness of the minefield within my mind. Value investing is a lonely pursuit. It requires a focus on what Buffett called "an inner scorecard. The entire pursuit of value investing requires you to see where the crowd is wrong so that you can profit from their misperceptions.
The real goal, perhaps, is not acceptance by others, but acceptance of oneself. Based on their stellar returns, they were running billions, while I was still a minnow. Before long, I felt a deep, avaricious need for size and status. The green-eyed monster had gotten the better of me, and I was consumed with envy. This is an oversimplification of many crosscurrents, but it captures a key component of my New York vortex.
The greatest opera stars have singing teachers; Roger Federer has a coach; and Buffett meets regularly with like-minded people. And the more often I pick up these lottery tickets, the more likely I am to hit the jackpot. Small steps of effort compound over a long period of time. This also applies to efforts of gratitude and goodwill, like writing thank-you cards "Tony Robbins had taught me that small differences in how we behave can, over time, have a profound impact.
And this small action of writing hundreds of letters a year was transformational for me. At times, I felt foolish. My view now is that it can take as long as five years to have a significant effect, so most people give up long before they reap the benefits.
To many people, it might seem like a waste of time. In a sense, this is a value investing approach to life: pick up something cheap that may one day prove to be precious. This is what made a company like Wal-Mart so successful. A key aspect of my real-world education involved learning to take more and more of these intelligent but practical actions on a micro level: writing thank-you notes, picking a great place for breakfast, listening actively to what people told me, or treating them the way I wished to be treated.
Over a lifetime, a myriad of simple actions like these can accumulate to create big reputational and relationship advantages. This was a much better place from which to learn than the back row, where I had previously been a more passive and even judgmental observer. Other serious investors—including Prem Watsa, Li Lu, and Mario Gabelli—had clearly come to the same conclusion because I found them at the front too.
Once again, the point is that these small actions make a major difference at the margin. When you focus less on yourself and shift your attitude to give more to others, the world responds by giving back "The paradox is that, as I became more authentic and discarded my agenda, people became more interested in investing in the fund.
This was an unintended consequence of becoming less selfish and more honest about who I am. As I hope you can see from my experience, when your consciousness or mental attitude shifts, remarkable things begin to happen. That shift is the ultimate business tool and life tool.
Checklists can be a very effective way to avoid investment mistakes "Pronovost took a single sheet of paper and listed all of the steps required to avoid the infection that had almost killed the man. When the hospital began to use checklists, numerous deaths were prevented. I prefer to use them in much the same way that pilots use them.
In investing too, the real purpose of a checklist is to serve as a survival tool, based on the haunting remembrance of things past. For example, are its revenues perilously dependent on the credit markets or the price of a particular commodity? Does this investment satisfy me psychologically by meeting some unmet personal need? For example, am I keen to buy it because it makes me feel smart? Mar 01, Heather rated it did not like it Shelves: wealth. Tips on Investment Strategies? Not really This is not an informative book for anyone interested in improving their investment skills.
Rather, it is an account of the author's own career journey. The book is more like an autobiography. In the first pages of the book, I could not find any practical tips on how to actually practise value investing. From page onward, the author finally included some "investing tools. The rules are as follows: 1. An investor is neither right nor wrong if others share the same sentiments as them; only facts and analysis can make them right.
Value investing is deriving the intrinsic value of a common stock independent of its market price. Analyzing a company's assets, earnings, and dividend payouts can help identify the intrinsic value of a stock, which can then be compared to its market price. If the intrinsic value is more than the market value—in other words, the stock is undervalued in the market—the investor should buy and hold until a mean reversion occurs.
The mean reversion theory holds that over time, the market price and the intrinsic price will converge. At this point, the stock price will reflect its true value. Focus on stocks that are trading at two-thirds of their net-net value. Net-net is a value investing technique developed by Benjamin Graham in which a company is valued based solely on its net current assets. When an investor buys a stock at a price less than its intrinsic value, they are essentially purchasing it at a discount.
Once the stock is actually trading at its intrinsic value, they should sell. Graham also advocated for an investing approach that provides a margin of safety—or room for human error—for the investor. There are a couple of ways to accomplish this, but buying undervalued or out-of-favor stocks is the most important. The irrationality of investors, the inability to predict the future, and the fluctuations of the stock market can provide a margin of safety for investors.
Investors can also achieve a margin of safety by diversifying their portfolios and purchasing stocks in companies with high dividend yields and low debt-to-equity ratios. This margin of safety is intended to mitigate the investor's losses in the event that a company goes bankrupt. Typically, Graham only purchased stocks that were trading at two-thirds of their net-net value, as a way of establishing his margin of safety.
Net-net value is another value investing technique developed by Graham, where a company is valued based solely on its net current assets. The original Benjamin Graham Formula for finding the intrinsic value of a stock was:. With V representing the intrinsic value of the stock, EPS as the trailing month earnings per share , , 8. Later, Graham revised his formula to include both a risk-free rate of 4. Many of Graham's investment principles are timeless—they remain as relevant today as they were when he penned them.
Graham criticized corporations for their obscure and irregular methods of financial reporting that made it difficult for investors to get an accurate picture of the health of a company. Graham would later write a book about how to interpret financial statements , from balance sheets and income and expense statements to financial ratios. Graham also advocated for companies paying dividends to their shareholders, rather than keeping all of their profits as retained earnings.
About The Intelligent Investor , legendary investor Warren Buffett, who Graham famously mentored, described it as "by far the best book on investing ever written. He later worked for Graham at his investment company, the Graham-Newman Corporation, until Graham retired. The price of a Warren Buffett-signed copy of The Intelligent Investor that sold at an auction in Graham's students all eventually developed their own strategies and philosophies, but they all shared the main principle of creating a margin of safety.
In general, Buffett follows the principles of value investing, which looks for securities whose prices are unjustifiably low based on their intrinsic worth. Buffett also considers company performance, company debt, profit margins, whether companies are public, how reliant they are on commodities, and how cheap they are.
Buffett's strategy differs from Graham's in that he stresses the importance of a business's quality, and he preaches the virtue of holding stocks for the long haul. Buffett doesn't seek capital gain. Rather, his goal is ownership in quality companies that are extremely capable of generating earnings; Buffett is not concerned that the stock market ever recognizes a company's value.
Even so, Buffett said that no one ever lost money by following Graham's methods. The Intelligent Investor is widely considered to be the definitive text on value investing. According to Graham, investors should analyze a company's financial reports and its operations but ignore the market noise.
The whims of investors—their greed and fear—are what creates this noise and fuels daily market sentiments. Most importantly, investors should look for price-value discrepancies—when the market price of a stock is less than its intrinsic value. When these opportunities are identified, investors should make a purchase.
Once the market price and the intrinsic value are aligned, investors should sell. The Intelligent Investor is a great book for beginners, especially since it's been continually updated and revised since its original publication in It's considered a must-have for new investors who are trying to figure out the basics of how the market works. The book is written with long-term investors in mind. For those who are interested in something more glamorous and potentially trendier, this book may not hit the spot.
It dispenses a lot of common-sense advice, rather than how to profit in the short-term through day trading or other frequent trading strategies. Even though this book is over 70 years old, it is still relevant.
The advice to buy with a margin of safety is just as sound today as it was when Graham was first teaching his philosophy. Investors should do their homework research, research, research and once they have identified what a company is worth, buy it at a price that will give them a cushion, should prices fall.
Graham's advice that investors should always be prepared for volatility is also still very relevant. The Intelligent Investor , first published in , is a widely acclaimed book on value investing. Value investing is intended to protect investors from substantial harm and teaches them to develop long-term strategies. The Intelligent Investor is a practical book; it teaches readers to apply Graham's principles.
Benjamin Graham urges the twin principles of valuation and patience for anyone that wants to succeed as an investor. In order to determine a company's true worth, you must be prepared to do the research. Then, once you've bought shares of a company, you must be prepared to wait until the market realizes it is undervalued and marks up its price. If you only buy into those companies that are trading below their true worth, or intrinsic value, even when a business suffers, the investor has a cushion.
This is called a margin of safety and is the key to investing success. His method of buying low-risk stocks with high return potential has made him a true pioneer in the financial analysis space, and many other successful value investors have his methodology to thank.
While he is best known for the books he published in the field of value investing—most notably The Intelligent Investor —Graham was also instrumental in drafting elements of the Securities Act of , legislation requiring companies to provide financial statements certified by independent accountants. Columbia Business School.
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Value investing is a philosophy, not a simple rule which can be summed up in a single sentence. It will be worthwhile to study several books by the greats, such as Benjamin Graham and books which analyse Warren Buffett's approach to investing. This will allow you to get into the head of these successful investors and make decisions using the same mindset. A value investor also needs several financial literacy skills, which can be upskilled by the right book, such as:.
To pick the best, I have only highlighted value investing books which had received a minimum number of reviews online. I then used by my own reading experience of these titles, together with industry consensus on the most influential titles to compile the shortlists and ranking. I would love to support new authors and fresh titles, however the sheer volume of self-published value investing books in recent years has flooded the market. This has reduced the average quality and length of value investing books available, so my review criteria helps in stripping out these undeserving titles.
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Gold Prize. Why this book won. Readers' favourite Clear and concise Comprehensive and detailed. Learn More. Value investing books for beginners Plenty of depth, but perfect for newcomers. Classic value investing books Best sellers which remain incredibly popular among professionals and retailer investors alike. Best seller. There's no obligation to continue with a paid subscription. You don't even need a Kindle to enjoy - any device will do.
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The Intelligent Investor - Benjamin Graham. Buy on Amazon. Financial Expert Rating:. Who this book is for:. Perhaps I should share the quote that Warren Buffett has lent to us regarding this title: " By far the best book on investing ever written. So what can you expect to learn from this value investing book? An overview of the investing philosophies of iconic investors such as Warren Buffett, Peter Lynch and Benjamin Graham Shows what ordinary investors should focus on when looking to invest Provides tools for analysing key investment factors Delivers a coherent investment strategy today for growth tomorrow Proves that great investing requires great principles.
Warren Buffett Accounting - Stig Brodersen et al. This book teaches: 1. Two methods for calculating the intrinsic value of a company 2. What is a discount rate and how does it work 3. Detailed instructions on how to read an income statement, Balance sheet, and cash flow statement 4.
How to calculate important ratios to properly value any business". Modern Value Investing - Sven Carlin. Sven Carlin has penned the 5 value investing book on my top 5 list with a very specific objective in mind; To bridge the gulf of time between the publication dates of the original value investing classics, and the modern day. Part 1 discusses the most important psychological traits a successful investor should have.
Part 2 describes 25 tools that help with investment analysis. Part 3 applies those tools on an example. I challenge you to read one book per month and see if it revolutionises your investing style! It's my simple way of inspiring investors to read more, learn more and develop more. If you like the sound of that type of intellectual journey then I invite you to accept the challenge: I challenge you to read one value investing book per month for the next year, and find your new favourite!
The purpose of the challenge is to crack open your own perspective on the stock market. Some guidance I found it helpful to stock up on books for the next few months, so that when a new month rolls around, my next book was my bed-side table asking to be opened! Pick a variety of styles. This will keep the challenge fresh and increase the diversity of opinion. Pick at least one book that you don't think you would enjoy, this book might be the one that surprises you the most! If you're time-starved, audio books are absolutely fine!
Where to begin? Good luck! How do investors apply value investing in practice? When it rains gold, put out the bucket, not the thimble. In our beginners guide to value investing I highlight the following ratios which are commonly used: Price to earnings ratio Price to book ratio Debt to equity ratio Qualitative characteristics, such as the robustness of the management team and the company culture are also relevant.
What is value investing? What can be gained from reading a great value investing book? A value investor also needs several financial literacy skills, which can be upskilled by the right book, such as: Being able to read financial statements Performing analysis and interpretation of financial ratios Financial valuation methods How did I select the best value investing books? Explore the best books in more genres. General personal finance. Best personal finance books.
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Best property investment books. Best mortgage books. Wealth management. Portfolio Management and Trading Investment Alternatives for the Individual Investor. Yes there are differences, and the current version has a lot of non-Graham like stuff in it. It's written for the everyman.
The current edition has chapter-by-chapter commentary by the latest editor a WSJ writer, I think ; on a whim I've been reading through all the commentary first without reading the actual book. Contents 1. The Virtue of Value Investing 2. Safety in the Balance Sheet 3. Identifying Growth in the Income Statement 4. Management's Role 5. Building a Portfolio 6. Picking a Stock of Value 7. Thriving in Every Market 8. Risk Management 9. Special Circumstances Information is much more readily available nowadays, and it makes me wonder what effect on competition this is having.
This is a worthwhile collection of Buffett's thoughts on various subjects. Janet Lowe the author also wrote "Value Investing Made Easy", which is the book that Michael Burry recommended to people as the most user-friendly introduction to value investing.
I'm going to list here the quotes I found most useful: 17 - "Any young person who doesn't take up bridge is making a big mistake. He has tremendous energy. He could wear you out talking to you. He was very ambitious about making money.
Warren" , claimed Buffett's success was a result of random chance EMH. That ends up being the most important factor. I don't interact with people I don't like or admire. That's the key. It's like marrying. Anytime you're around somebody that you're getting something out of and you feel good about the organization, you just have to get a good result. I advise you never to do anything because you think it's miserable now but it's going to be great 10 years from now I find that every year when I write the report, I hit these blocks.
The block isn't because I've run out of words in the dictionary. They block is because I haven't got it straight in my own mind yet. There's nothing like writing to force you to think and to get your thoughts straight. I want it to be a quantitative bargain in terms of future streams of cash. My guess is the last big time to do it Ben's way was in '73 or '74, when you could have done it quite easily.
He just shrugged and replied that the market always eventually does. Figure out a business you understand, and concentrate. For example, the last time we bought Coca-Cola, it was selling at about 23 times earnings. Using our purchase price and today's earnings, that makes it about 5 times earnings. It's really the interaction of capital employed, the return on that capital, and future capital generated versus the purchase price today.
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