Very interesting article on HBR.org: The Case for Activist Investors. The first book highlighted in the article – “Dear Chairman” – sounds like a great read, as it compiles now-classic investor letters to Board members and to the executive teams of companies they invested in.
My notes on Guy Spier’s book, The Education of a Value Investor. The book is much better for beginners, but there are very interesting tidbits for experienced investors. Some of what he shared about productivity and about finding a group of people you both admire and trust so you can debate ideas with them resonated a lot with things I had been thinking about, or doing, without necessarily having an idea of where it could lead to.
It’s been a while since my last post and the explanation is simple: earnings season, a perfect occasion to test hypotheses and reconnect with contacts in the industries we cover – but also a perfect storm of incoming noise regarding companies we own (or would like to, at the right price). In any aspect, a huge but immensely rewarding time drain (I should say “investment”)! Farnam St. blog has just interviewed Michael Mauboussin and it’s a good read, especially because Shane Parrish asks about how Mauboussin developed into his current role and it’s an interesting story.
Pretty good book list by Dealbook editor Andrew Ross Sorkin. I’d also recommend his own book on the 2007-08 crisis called “Too Big To Fail”, “The Essays of Warren Buffett: Lessons from Corporate America”, “When Genius Failed” and “Fooled by Randomness” as other can’t-miss books – and I know I am leaving way too many great books unmentioned, so there are a few links inside to previous “reading list” posts in Buysiders.com (and a bonus for those who click through).
I apologize for not posting in the last 9 days or so, but I’ll make it worth your while with this link to Q3 2006 and Q1 2008 letters to investors by Scion Capital’s Michael Burry. You may have read about him in a previous post here – or in Michael Lewis’ book The Big Short. Get it while it lasts.
A good-humored introduction of sorts to the book Checklist Manifesto – we posted about it in January 2011. We also link to two other articles about checklists in the FT and, ever the skeptics, we also highlight the destructive power of dumb checklists – or the dumb use of checklists, to be more precise.
Farnam St. blog had an interesting, multidisciplinary reading list for the Northern hemisphere summer coming up. By now I hope readers have realized that I love these lists, but the usual warning applies: there’s only so much time in a day and reading should be prioritized according to your own long-term “strategic objectives”, while still allowing for fun, serendipity-type reading. Good luck with that!
The Farnam Street blog, always a great source, has two posts with recommended reading lists by two very interesting authors and thinkers: Robert Cialdini and Nassim Taleb. Between the two, there’s definitely good reading to be done.
MIT economist Andrew Lo had published a paper where he reviews twenty one (yes, 21) books about the global financial crisis. In search of common explanations and themes, he found confusion instead. “After each book, I felt like I knew less. For an academic, that’s a pretty frustrating feeling.”