Reading lists recommended by investment CELEBRITIES

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660ky612
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Reading lists recommended by investment CELEBRITIES

Post by 660ky612 »

Reading list by Charles D. Ellis at 2002
See p.173 "WINNING THE LOSER'S GAME by Charles D. Ellis, 4th Ed., 2002 McGraw-Hill"

If you wish to read more, as I hope you will, here are 10 choices you'll find both enjoyable and very worthwhile.

1. Berkshire Hathaway Annual Reports. Warren Buffett, who is recognized as our most successful investor, explains with humor and candor what he and Charlie Munger are doing and why. Delightful as recreational reading and profoundly instructive for professionals, these remarkable annual reports are an open classroom for investors. The justly famous annual meetings of Berkshire's stockholders are equally candid, entertaining, and informative. Current and past years' reports are available over the Internet.

2. The Intelligent Investor by Benjamin Graham, the acknowledged founder of the profession of investment management. This is an "advanced primer" and the only investment book endorsed by Warren Buffett, who once worked for Graham. (If you want more depth, breadth, and rigor, turn to Security Analysis, which is often called Graham and Dodd after its authors. For 70 years, through six editions, it has been the professional investor's bible.)

3. Bogle on Investing. Jack Bogle is the tribune for the individual investor, the founder of Vanguard, and a crusader with the odd but delightful quirk of thinking clearly, writing well, and having a lot to say that we should all treasure and use.

4. Pioneering Portfolio Management. David Swensen, Yale's very successful chief investment officer, explains how to manage a large tax-exempt portfolio in a thoroughly modern way with no jargon, no complex equations, and lots of good thinking and judgment. Fully accessible to serious amateurs, this is the best book ever written about professional investing.

5. Why Smart People Make Big Money Mistakes and How to Correct Them by Gary Belsky and Thomas Gilovich. This is an engaging, easy read about how and why we blunder with money decisions and how to defend ourselves against ourselves and our all too human proclivities.

6. The Crowd by Gustave LeBon. This book shows that intelligent people lose their rationality and individuality when they join groups or, worse, become part of a crowd. Investors exhibit "crowd behavior" all too often.

7. The Only Investment Book You'll Ever Need by Andrew Tobias of Fortune. This is a primer without any patronizing. It is clear, comprehensive, candid, and charming.

8. A Random Walk down Wall Street by Burton Malkiel. Soon to sell its millionth copy, this popular guide to what the professionals know -and should know- provides straight talk from one of Princeton's favorite professors.

9. An Investor's Anthology is a collection of justly famous insights and ideas that "ring the bell" for professional investors. Seminal papers of great influence that are abstruse or opaque were deliberately excluded.

10. Wealthy and Wise is Claude Rosenberg's thoughtfully challenging explanation of how to recognize how much of your wealth and income you could reinvest in philanthropy and thereby enrich your life.

Some of the best writing and thinking about investing comes in articles written by five journalists. I try to read everything they write:

Jonathan Clements of The Wall Street Journal
Carol Loomis of Fortune
Floyd Morris of The New York Times
Barry Riley of The financial Times
Jason Zweig of Money

-- scanned and ocr-ed by 660ky612, Hong Kong
Last edited by 660ky612 on Fri Sep 07, 2007 12:59 pm, edited 2 times in total.
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Post by White Coat Investor »

Copyright violation?
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course
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Post by Alex Frakt »

EmergDoc wrote:Copyright violation?
I'm not an IP lawyer, but I was a university librarian and in my opinion, this constitutes fair use. It's a small fraction of the original work, it's being used for a non-commercial educational purpose, and the likely negative impact on the market for the original work is nil. The source is also quoted which is good manners, even if it's not a technical necessity under the fair use doctrine.

http://en.wikipedia.org/wiki/Fair_use
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Post by White Coat Investor »

Alex Frakt wrote: I'm not an IP lawyer, but I was a university librarian and in my opinion, this constitutes fair use. It's a small fraction of the original work, it's being used for a non-commercial educational purpose, and the likely negative impact on the market for the original work is nil. The source is also quoted which is good manners, even if it's not a technical necessity under the fair use doctrine.
It's good information either way.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course
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660ky612
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Post by 660ky612 »

From p.206 "Intelligent Asset Allocator, William Bernstein, 2001 McGraw-Hill"
About the Author
William Bernstein, Ph.D, M.D., is a practicing neurologist in Oregon. He launched the Web site http://www.efficientfrontier.com in August 1996. Known for his quarterly journal of asset allocation and portfolio theory, Efficient Frontier, Dr. Bernstein is also a principal in the money management firm Efficient Frontier Advisors, is a frequent guest columnist for Morningstar, and is often quoted in The Wall Street Journal.

Reading List by William J. Bernstein at 2002
See p.224 "Four Pillars of Investing, William Bernstein, 2002 McGraw-Hill"

. . . I would start a regular reading program. Begin with two classics:
  • 1. A Random Walk Down Wall Street, by Burton Malkiel, is an excellent investment primer. It explains the basic of stocks, bonds, and mutual funds and will reinforce the efficient market concept.

    2. Common Sense on Mutual Funds, by John Bogle, will provide more information than you ever wanted to know about this important investment vehicle. Mr. Bogle has been an important voice in the industry for decades and writes beautifully. It is both opinionated and highly recommended.
Take your time. Read no more than 10 to 20 pages an evening, then do something recreational. After you're finished with these two books, you will know more about finance than 99% of all stockbrokers and most other finance professionals. You're then ready for the "postgraduate course" that will take you through the rest of your life. Remember, most of what you need to know is ancient history, sometimes literally.
As we learned in Chapters 5 and 6, there is nothing really new in finance; the recent events on Wall Street would not have surprised the denizens of the Change Alley coffeehouses of the late seventeenth century. The more history you learn, the better. This is where finance becomes fun, because the best financial historians tend to be gifted literary craftsmen. I can guarantee you that you won't be able to put most of the following books down:
  • o A Fool and His Money, by John Rothchild and Where are the Customers' Yachts? by Fred Schwed. Ground-level trips through Wall Street in the 1980s and 1930s, respectively, providing an eye-opening view of the capital markets in those eras.

    o Once in Golconda, by John Brooks. The story of how things got nasty between New York and Washington in the aftermath of the Great Depression and how Uncle Sam finally got his hands on Wall Street, to the benefit of just about everybody.

    o Devil Take the Hindmost, by Edward Chancellor. A history of manias and crashes over the centuries. If this book doesn't bulletproof you from the next bubble, nothing will.

    o Bernard Baruch, Money of the Mind, Minding Mr. Market, and The Trouble with Prosperity, all by James Grant. This man has a better grasp of capital market history than anyone else I know, and the quality of his prose is superlative to the point that it occasionally becomes distracting.

    o Capital Ideas, by Peter Bernstein. An engaging history of modern financial theory and its far reaching influence on today's markets.

    o Winning the Loser's Game, by Charles Ellis. A succinct look at the essence of money management by one of the country's most-respected wealth managers.
All of the above works are easily accessible to the average reader. If you're good with numbers and don't mind a bit of effort, I'd also recommend the following:
  • o Global Investing, by Gary Brinson and Roger Ibbotson. A panoramic view of stocks, bonds, commodities, and inflation the world over. Now more than a decade old, it's beginning to show its age but is still well worth it.

    o Asset Allocation, by Roger Gibson. An excellent primer on portfolio theory and the mathematics of arriving at effective allocations.
But what about "keeping up" with progress in finance? I'm afraid that if someone were to publish a yearbook tilled "Genuine Advances in Investing," it would be a very thin volume most years. If you're good at math and a glutton for punishment to boot, you can log onto the Finally, in the day-to-day media there are two regular columns that, in addition to providing a good periodic review of practical Finance, will also do an excellent job of keeping you up on the rare bits of useful news that occasionally trickle out of academia. The first is
  • o Jonathan Clements' "Getting Going" column each Tuesday in The Watt Street Journal (The Journal is a superb national newspaper, but rely on it for news, not investment insight. ) Mr. Clements' columns aside, you won't learn much that's useful about investing from its contents.) The second is

    o Jason Zweig's monthly column in Money.
What have we learned from our tour of the financial media? Two things. First .. And second, because there is little that is new in the basic behavior of the capital markets, the most useful way of developing investment expertise is to absorb as much market history as you can.

-- scanned and ocr-ed by 660ky612, Hong Kong
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Post by Flapjack_5 »

660ky612, I have to disagree with you on Money Magazine's Jason Zweig. My mom had a subscription during the mid-1990s and I found that entire publication to be pure watered-down garbage, especially the commentary from Zweig.

I personally think that Business Week and Forbes are the two best influential financial magazines that everyone should read.
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Jason Zweig

Post by Taylor Larimore »

Hi Flapjack:

I think you are seriously mistaken about Jason Zweig. I know Jason personally and correspond with him when I have a question. Jason was our guest speaker at Diehard II and subsequently wrote this beautiful article about the Bogleheads.

http://money.cnn.com/magazines/moneymag ... /index.htm

Perhaps you do not know that Jason was the mutual fund editor at Forbes before moving to MONEY. He is a trustee of the Museum of American Financial History and is one of the most highly regarded financial writers in the business.

Jason is the author of "Benjamin Graham, The Intelligent Investor" and "Your Money and Your Brain," His last book has these endorsements:

"Jason Zweig is one of the world's experts on the investing process. He has written the best book yet on the emerging science of neuroeconomics. Buy it, read it, and become a more thoughtful, and a better, investor."

-- Bill Miller, Chairman and Chief Investment Officer, Legg Mason Capital Management
---------------------------------------------------------------
"This short and entertaining book packs a vast amount of serious information about your brain, about your mind, and about your money. You will learn a lot when you read it for the first time and you will probably want to read it again to learn some more."

-- Daniel Kahneman, professor of psychology, Princeton University, and winner of the 2002 Nobel Prize in Economics
-----------------------------------------------------------

"Jason Zweig has written a pioneering work. His findings challenge many of our conventional beliefs about investor behavior. Zweig goes an important step further by laying down a series of rules that, if followed, will prevent the reader from making many of the emotional decisions that have cost investors dearly over time. Your Money and Your Brain is a book that stands head and shoulders above the conventional pablum served up in most stock market books."

-- David Dreman, author of Contrarian Investment Strategies: The Next Generation
-----------------------------------------------------------------
"As advertised, this book is about your brain, but yours is not the only brain in this book. Lucky for you, that other brain is Jason Zweig's, and what a brilliant, fascinating, illuminating, powerful, and unique device that is. Listen to Zweig carefully. I have read a zillion books on investing, and none of them comes close to what he has so generously bestowed upon us here."

-- Peter L. Bernstein, author of Against the Gods: The Remarkable Story of Risk
----------------------------------------------------------------
"Jason Zweig knows your financial demons, where they live, why they're making you poor, and how you can beat them. You owe it to yourself, your future, and your heirs to read Your Money and Your Brain."

William Bernstein, associate clinical professor of neurology, Oregon Health and Science University; cofounder, Efficient Frontier Advisors; and author of The Four Pillars of Investing
----------------------------------------------------------------


Best wishes.
Taylor
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Post by Flapjack_5 »

Wasn't he at Money Magazine during the mid-1990s? If he wasn't, then maybe I am thinking of someone else. I'll do some research on this.
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Taylor Larimore
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More about Jason Zweig

Post by Taylor Larimore »

Hi Flapjack:

This is a link to Jason's resume:

http://www.jasonzweig.com/bio.html

Best wishes.
Taylor
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Copywrite material

Post by Gordon »

I have been told that you can use up to 350 words of copywrite material without permission by just citing your source.
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Post by rich »

Flapjack_5 wrote:660ky612, I have to disagree with you on Money Magazine's Jason Zweig. My mom had a subscription during the mid-1990s and I found that entire publication to be pure watered-down garbage, especially the commentary from Zweig.

I personally think that Business Week and Forbes are the two best influential financial magazines that everyone should read.
Hi Flapjack:
I'm not sure if you are a troll or if you are legit. I see you are new here and you posted a link to your own financial blog. In your brief time here you had questions about leveraged profunds, shorting the market, and criticism of Jason Zweig. You may be in the wrong forum. Check out hedgefund.com or markettimer.com instead. If you really are being serious, want to learn, and are not intentionally wasting people's time or drawing traffic to your blog then I apologize for my incorrect assessment of you. There are lots of good quality people here, Taylor above being one of the best of the best.
Best regards, | Rich
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Post by Flapjack_5 »

rich wrote:
Flapjack_5 wrote:660ky612, I have to disagree with you on Money Magazine's Jason Zweig. My mom had a subscription during the mid-1990s and I found that entire publication to be pure watered-down garbage, especially the commentary from Zweig.

I personally think that Business Week and Forbes are the two best influential financial magazines that everyone should read.
Hi Flapjack:
I'm not sure if you are a troll or if you are legit. I see you are new here and you posted a link to your own financial blog. In your brief time here you had questions about leveraged profunds, shorting the market, and criticism of Jason Zweig. You may be in the wrong forum. Check out hedgefund.com or markettimer.com instead. If you really are being serious, want to learn, and are not intentionally wasting people's time or drawing traffic to your blog then I apologize for my incorrect assessment of you. There are lots of good quality people here, Taylor above being one of the best of the best.
I posted five messages in a total of two threads today and you think I'm a troll. You need to lighten up. I took off the link because I'm sure you'll complain about it again. And I really don't see what's wrong with asking about the Profunds - those were legit questions. Why don't you complain about the guy who wanted to know if he had to pay a bill - at least my question dealt with investments.
rich
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Post by rich »

Flapjack_5 wrote:
rich wrote:
Flapjack_5 wrote:660ky612, I have to disagree with you on Money Magazine's Jason Zweig. My mom had a subscription during the mid-1990s and I found that entire publication to be pure watered-down garbage, especially the commentary from Zweig.

I personally think that Business Week and Forbes are the two best influential financial magazines that everyone should read.
Hi Flapjack:
I'm not sure if you are a troll or if you are legit. I see you are new here and you posted a link to your own financial blog. In your brief time here you had questions about leveraged profunds, shorting the market, and criticism of Jason Zweig. You may be in the wrong forum. Check out hedgefund.com or markettimer.com instead. If you really are being serious, want to learn, and are not intentionally wasting people's time or drawing traffic to your blog then I apologize for my incorrect assessment of you. There are lots of good quality people here, Taylor above being one of the best of the best.
I posted five messages in a total of two threads today and you think I'm a troll. You need to lighten up. I took off the link because I'm sure you'll complain about it again. And I really don't see what's wrong with asking about the Profunds - those were legit questions. Why don't you complain about the guy who wanted to know if he had to pay a bill - at least my question dealt with investments.
OK. Maybe I do need to lighten up. As I mentioned before, I'm sorry if I mis assessed your intentions. Welcome to the forum.
Best regards, | Rich
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Post by CrossOverGuy »

Jonathan Clements and Jason Zweig are my two favorite financial writers. I'm sometimes mystified that they are allowed to write their articles in respectively "The Wall Street Journal" and "Money" since nearly everythingn they say tends to be so at odds with all the advertising and many of the other financial articles in those publications. Years ago, I told a friend of mine to get "Money" but mainly to learn about mutual funds and other consumer information that might be helpful; I told her to ignore anything that called for specific prognastication for specific stocks or funds though - since those change from month to month and the publication has to publish something to fill up space. Anyway, I lucked into finding Clements as well and I feel fortunate that both he and Mr. Zweig, and now the Bogleheads, and some of the reading lists I've found in some of the Bogleheads reading lists, have helped to inform me instead of falling into a Kiyosaki type of black hole.
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