Top investment books

Top investment books

The Joys of Compounding by Gautam Baid is one of the most value-adding books I have read this year. He shared a lot on life, learning and investing. On the investing side, the examples are fresh and poignant for today, which is sometimes hard to find in good books on investing. 

Capital Returns: Investing Through the Capital Cycle is one of the best for understanding commodity and investment cycles. Poignant discussions around key value drivers; capital allocation, sustainable competitive advantage, business model, investor psychology and industry capital cycles. 

Quality Investing: Owning the best companies for the long term covers the attributes of high quality compounders with multiple case studies. The idea being that companies with a competitive advantage that are well run and make consistent returns turn out, in the long-run to give higher returns.

The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success was strongly recommended by Warren Buffett. This book is the best in illustrating management’s most important skillset – capital allocation.

The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor by Howard Marks clearly and persuasively about the importance of risk avoidance when investing. He highlights the 18 most important things to consider when buying stocks and offers extensive discussion on investors’ psychology.

100 Baggers: Stocks That Return 100-to-1 and How To Find Them is one of those book that gave me a Eureka moment. The most important concepts here are: finding a company with a moat, long runway, and hopefully at a cheap valuation.

Money Masters of Our Time is another recommendation by Warren Buffett. It evaluates top money managers and their investment techniques. All roads lead to Rome and John Train did a great job at explaining how these fund managers beat the S&P 500 index over the long term.

One Up On Wall Street: How To Use What You Already Know To Make Money In The Market by Peter Lynch is a book I would recommend any beginners. One of the all-time great investment manager, Lynch has the ability to distill difficult concepts into interesting content.

The Warren Buffett Way is probably my favorite Warren Buffett out of the whole lot. Hagstrom put together a great primer on how to evaluate a company as an investment. His tenets are a great checklist for your thinking as you evaluate the merits of a company and its value and then apply a margin of safety to figure out if it is attractively priced. 

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