Investment Management Recommended Reading
WORTH YOUR TIME:
On Competition by Michael Porter – many investors maintain that Porter’s Five Forces are the key to industry analysis and in turn stock picking. Looking at stocks through this lens is a great way to identify competitive advantage and its sustainability.
You Can Be a Stock Market Genius by Joel Greenblatt – probably the best intro to special situation investing (spin-offs, restructurings, etc.), which can make for good stock pitches.
Expectations Investing by Alfred Rappaport and Michael J. Mauboussin – a new book that approaches investing by looking at what a stock’s current price implies about the market’s expectations for growth, risk, etc. Most experienced investors do this subconsciously, so it is helpful to understand the approach explicitly.
The Psychology of Investing by John Nofsinger – a short but thorough primer on behavioral finance applied to investing. You’ll see most of this in Managerial Decision Making (38002), which you probably won’t take until 2nd year.
Good to Great by Jim Collins – a well-researched look at what the most successful companies have in common. Highly recommended by top investors. Also see Built to Last by Collins.
When Genius Failed: The Rise and Fall of Long-Term Capital Management by Roger Lowenstein – interesting story about the biggest hedge fund blowup to date; well-written by a former Wall Street Journal reporter who also wrote arguably the best Buffett biography to date.
Beating the Street by Peter Lynch – a good follow-up to One Up on Wall Street.
The Man Who Beats the S&P: Investing with Bill Miller by Janet Lowe – Miller has beaten the S&P for 13 years running, and he describes his approach in some detail to Lowe. (Search for Lowe on Amazon for a full list of her investor and business biographies.)
John Neff on Investing by John Neff – if you want to run a diversified fund someday, this book is worth reading. Neff has a value investor’s mentality, but he also invested growing stocks when they were out of favor. He also describes how he made money in cyclicals.
Investment Biker: Around the World with Jim Rogers by Jim Rogers – this is a good book to read if you’re interested in investing internationally.
The New Market Wizards: Conversations with America’s Top Traders by Jack Schwager – a good overview for would-be traders. Also see Market Wizards and Stock Market Wizards.
The Art of Speculation by Philip Carret – Buffett said that “Philip Carret has the best truly long-term investment record of anyone I know.”
Contrarian Investment Strategies: The Next Generation by David Dremen.
Pioneering Portfolio Management by David Swensen – Yale’s endowment manager (16%+ over 14 years) talks investing.
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