Since we are in December and counting down to the end of the year, I thought I would compile a few books I enjoyed reading.
1.
Richer, Wiser, Happier by William Green
This is one of my all-time favourite books and I just finished re-reading it. This is one book where even the appendix and notes are worthy of reading. And this is also one of the few rare books for which I have both a physical and a Kindle copy (the other notable ones are Poor Charlie’s Almanac and Seeking Wisdom).
This is about the lives of some extraordinary investors and how they have thought about not only their investing but how to lead their lives.
A must-read for anyone.
2.
Narrative and Numbers - Aswath Damodaran
In this book Prof Aswath Damodaran, the so-called “Dean of Valuation”, seems to finally have accepted that DCF has its limitations and writes about building up “narratives” for a stock. Written in 2017, this book does a decent job of trying to tie numbers to a narrative for a business.
Anyone interested in the markets would find this a fairly interesting read. Experienced practitioners can get through the book fairly quickly.
3.
The World: A Family History by Simon Seabag Montefiore
I got this book as a gift from one of my investors who has also become a friend. The size is a bit daunting but once you start reading it hooks you.
Usually, history is that of individuals and events. The author, in this book, has taken a slightly different view by narrating it from the viewpoint of families.
This book has made it to The Times and The Economist’s best books of the year lists.
An absolutely captivating read. This is a must-read for anyone who likes history.
4.
The World for Sale by Javier Blas and Jack Farchy
The authors work for Bloomberg News and cover the energy and natural resources beat.
This book is not a thriller, though it reads like one. It details the hazy and sometimes murky world of global commodity trading and how a handful of traders have an exorbitant influence on the world and geopolitics from behind the scenes.
5.
Outlive by Peter Attia
Biohacking is a new-age mantra for the uber-rich in the West. Peter Attia is one of those who has been at the forefront of making this popular through his writings and podcasts.
Here he talks about preventative medicine and integrating diet and exercise for well-being and a longer and healthier life. (But we already knew that, didn’t we?)
An overall good read to end or start the year on a healthier note.
Thought of the Week
In “Poor Charlie’s Almanac“, Munger puts forth a 10-step checklist (rules) for investors to follow for investing success:
1. Measure risk: All investment evaluations should begin by measuring risk, especially reputational.
2. Be independent: Only in fairy tales are emperors told they’re naked
3. Prepare ahead: The only way to win is to work, work, work, and hope to have a few insights
4. Have intellectual humility: Acknowledging what you don’t know is the dawning of wisdom
5. Analyze rigorously: Use effective checklists to minimize errors and omissions
6. Allocate assets wisely: Proper allocation of capital is an investor’s No. 1 job.
7. Have patience: Resist the natural human bias to act.
8. Be decisive: When proper circumstances present themselves, act with decisiveness and conviction
9. Be ready for change: Accept unremovable complexity
10. Stay focused: Keep it simple and remember what you set out to do.
Video of the Week
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