The Lemon Fool

Seth Klarman's Margin of Safety, and Phil Oakley's How to pick Quality Shares

A lesser-known one I enjoyed
'Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School'
by Andrew Hallam
https://www.amazon.co.uk/Millionaire-Te ... rew+Hallam

It's for the interested layman rather than 'experts'/hobby investors (I'm more former than latter) and doesn't add much to the Lars Kroijer stuff, but I got my copy from Windsor library so it was free! Very Foolish.
(I did return it of course..)

moorfield wrote:Seth Klarman's Margin of Safety, and Phil Oakley's How to pick Quality Shares

I quite fancied the Klarman.
Then I saw the prices of used copies on Amazon!

absolutezero wrote:

moorfield wrote:Seth Klarman's Margin of Safety, and Phil Oakley's How to pick Quality Shares

I quite fancied the Klarman.
Then I saw the prices of used copies on Amazon!

If you search around enough you'll be able to find and download a PDF copy of it.

moorfield wrote:

absolutezero wrote:

moorfield wrote:Seth Klarman's Margin of Safety, and Phil Oakley's How to pick Quality Shares

I quite fancied the Klarman.
Then I saw the prices of used copies on Amazon!

If you search around enough you'll be able to find and download a PDF copy of it.

I'm old school. I like proper books!

absolutezero wrote:I'm old school. I like proper books!

Compared to Amazon prices, you could get the PDF printed and bound with a huge saving?

I used this site: https://oiipdf.com/margin-of-safety-risk-averse-value-investing-strategies-for-the-thoughtful-investor

My first really good finance textbook:
Samuels and Wilkes (now with Bradshaw)
For all those yield calculations , NPVs , IRRs etc

https://www.amazon.co.uk/gp/product/186 ... bl_vppi_i0


Then one of my earlier ones from Investors Chronicle that more clearly explained varying investment types:

https://www.amazon.co.uk/Investors-Chro ... 0712660267

Have a look at Tim Hale's Smarter Investing, on google books where you can read a few pages to see if it's to your taste: https://books.google.com.au/books?id=6X ... &q&f=false
And if you search for it as a pdf you might even get a reduced price copy.

Hi, I found that How To Own The World by Andrew Craig was a great book. A real eye opener in terms of compound interest, investment portfolios and inflation.

I haven't seen the book, but he talks sense with his general approach to investing. But if he does make a thing of compound interest I'd imagine he doesn't relate it to fund fees, because his own fund which he'd welcome your investment in is a multi-asset conservative (at the moment) item which costs 1.24%/year in fees. Plenty of similar funds would cost a bit less I'd imagine.

I have just finished reading 'The Richest Man in Babylon'

Great book and very easy to read. It cuts out all the noise and guff about investing and tells you all you need to know about living a sensible and comfortable life with regards to money.

I would recommend this book as my first choice to any person that is new to investing.

D.L.

Probably something in this order:

Stocks for the Long Run - Jeremy Siegel.
-asset classes

One up on Wall Street - Peter Lynch
-investing in what you know and some very good general attitude tips towards stock markets

The Simple Path to Wealth - J L Collins
-index tracking

100 to 1 in the Stock Market - Thomas Phelps
-what I consider to be the definitive guide on Buy and Hold investing

Lastly, anything by John Bogle.

People will be quick to recommend The Intelligent Investor by Benjamin Graham. I feel people that do so are simply parroting what they've heard Warren Buffett say. It is without a doubt the second most breathtakingly boring piece of investment literature to have ever been published, second to Security Analysis, Graham's other book.

Geopolitical Alpha by Marko Papic

I'll admit I'm not a big reader however, as someone who predominantly invests in index ETFs, I do like The Little Book of Common Sense Investing by John Bogle. The Intelligent Investor by Benjamin Graham is on the to-do list!

elephanthunt11 wrote:People will be quick to recommend The Intelligent Investor by Benjamin Graham. I feel people that do so are simply parroting what they've heard Warren Buffett say. It is without a doubt the second most breathtakingly boring piece of investment literature to have ever been published, second to Security Analysis, Graham's other book.

I bought The Intelligent Investor in a 2-for-1 deal. Buffet hints on reading Chaps 8 and 20 which I duly did. Best thing about it is the commentary by Jason Zweig which summarises each chapter. Graham's writing style is of it's time of course and is somewhat longwinded. It looks nice on my bookshelf

20thcenturyboy wrote:

elephanthunt11 wrote:People will be quick to recommend The Intelligent Investor by Benjamin Graham. I feel people that do so are simply parroting what they've heard Warren Buffett say. It is without a doubt the second most breathtakingly boring piece of investment literature to have ever been published, second to Security Analysis, Graham's other book.

I bought The Intelligent Investor in a 2-for-1 deal. Buffet hints on reading Chaps 8 and 20 which I duly did. Best thing about it is the commentary by Jason Zweig which summarises each chapter. Graham's writing style is of it's time of course and is somewhat longwinded. It looks nice on my bookshelf

It’s funny you mention that, as soon as I posted my previous comment I realised I had forgot to mention the only respite the reader gets from Graham’s drudgery is the chapter summaries by Zweig.

"The Intelligent Investor" and "Security Analysis" belong to the days when the stock market was far less efficient in pricing shares than it is today. Back then simply getting information about a company's accounts to a fair bit of work and it was easy to find seriously mispriced shares as long as you were prepared to put in the work (which Graham and Dodd, and later Warren Buffett were prepared to do).

On various Berkshire Hathaway forums, notably fool.com, these books are rarely mentioned in the context of present day investing.

IMHO the book that Buffett has recommended over the years which remains the most relevant to investing nowadays is Philip Fisher's "Common Stocks and Uncommon Profits". It's here where the idea of "moat" first surfaces ("moat" here means factors that to some extent protect a company's products from being commoditised, giving them greater pricing power and keep customers from switching to alternatives. Fisher's 15 points are summarised in the link below:

https://www.oldschoolvalue.com/investing-strategy/common-stock-checklist/

https://stockopedia.com/content/philip-fishers-15-point-checklist-for-investing-in-stocks-61624

Tim Hale's Smarter Investing is full of really useful facts and sound advice.

I would recommend it but with the following proviso. The author has only basic writing skills. As a result, he managed to almost bore me on a topic I love. Be warned but struggle on!

TP2.

I can recommend Harry Markopolos's book - 'No One Would Listen'.

It isn't really a book on how to invest, but more a cautionary tale on how incompetence and corruption in the financial markets enabled Bernie Madoff to grow an investment scam into the biggest fraud in history.

The book describes how well-respected auditors would sign off on non-existent accounts, how the greed of bankers made them deaf, dumb and blind, and how totally incompetent regulators would ignore all the warning signs.

The book is highly readable and is written like a thriller.

I posted this a few days ago . It's a free download.

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