Essence Edition Are you suitable for buying stocks?

Chapter 10 The Bull Market Is Coming?Do you buy it or not? (3)
"Smart Investor"

Recommended index: five stars

I have watched it probably five or six times, and each time I have a new experience.This book is the blood-vomiting work of Buffett's teacher Graham. It contains the essence of Graham's value investment and also contains the essence of quantification that Cubs likes most.There is also an episode in which Xiaoxiong and Shuimei left this book on the long-distance bus in Nepal when they went to Nepal on their wedding trip.When I came back, my heart ached and I immediately bought a new copy.

Templeton teaches you reverse investing

Recommended index: four stars

The investment class given by Templeton, a famous American longevity investor, is lively and interesting to read, and it can give us insights.When Sir Templeton was investing in value, the term value investing probably hadn't even been invented.But this does not prevent him from investing. Sir Templeton's instinct can detect which company or even which country is undervalued.His famous quote "The best time to buy is when there is blood on the streets" is also the Cubs' favorite quote.

"Steady Earnings in the Stock Market"

Recommended index: four stars

One of Cubs' two favorite investors, Joel Greenblatt's investment textbook, the whole book is more like a storybook.But because Joel wanted this book to be understood even by his sons and daughters, the problem was that it was too simple and blocked a lot of details, so it was more than popular but not deep enough.However, it at least introduces Joel's thinking on analyzing the company's profits. Xiaoxiong has absorbed it into my investment system and introduced it in the first lesson of the advanced course.

"boundary of safety"

Recommended index: five stars

One of the Cubs' two favorite investors, Seth Klarman's only book.When I read this book for the first time, Xiao Xiong thought it was very plain, nothing unusual.But every time I rewatch it, I get a deeper feeling.On eBay, a signed edition of the book was sold for $1000 a copy.

History class:
"The Great Game"

Recommended index: four and a half stars
I don’t know how many people learn about investment, or the first book to learn about value investing is this book.At that time, the reason for choosing this book as the first book was very simple. This book was the first one I found and downloaded, and the content of the book was easy to understand, which was to tell stories.But this unintentional move had a miraculous effect.Just like Marshal Yang Weili studied military history to become a generation of famous generals, studying financial history can also help me despise all abnormal market fluctuations, no matter how big the fluctuations are, Wall Street has experienced it in history.At that time, from the end of 2007 to 2008, when the U.S. stock market happened to be in free fall, my psychological endurance was much better because of this book.

"Davis Dynasty"

Recommended index: Samsung half
It is also a lesser-known investment book, which tells the investment history of the Davis family in the United States.The most valuable among them is the concept of Davis double-play and double-click, which has practical significance.

"Snowball"

Recommended index: Samsung

I'm putting this book here because Snowball is a stinky, long book that basically falls into the Buffett autobiography category.The investment part is actually only about 30%, and more of it is Buffett's history and life perception.

The Fall of Stakes LTCM

Recommended index: four stars

This is also a book worth pondering over and over again. It tells the story of a famous large-scale hedge fund composed of two Nobel Prize winners in economics and several mathematics professors in the history of American finance, and finally shattered.Compared with them, Goldman Sachs manipulating the commodity market and Barclays manipulating short-term interest rates seem a lot of childishness.

"The Confessions of a Top Wall Street Securities Analyst"

Recommended index: Samsung half
I read it three years ago, and the writing is not bad, but the most classic among them is the voting competition process of top securities analysts.After three years, during the offline event in May, a certain student worked in a fund company and revealed to us how securities analysts work: analysts are voted by all fund managers, so analysts are the most important It's not analytical skills, but the relationship with fund managers.For example, if you want a higher rating on the stocks held by a certain fund manager, then he will have a little face in front of customers.Then the fund manager will reciprocate and vote for you when the analyst makes a rating.As for the analysis report, you can find a few interns to piece it together, anyway, there are templates.

I was shocked when I heard it. Isn’t this the same as the content of this book.China's financial market reform has not been learned from foreign countries, but it has been fully learned.

Textbooks:
"Buffett's Letter to Shareholders: A Course in Corporations"

Recommended index: five stars

This book is actually the essence of Buffett's investment thinking, and many passages in it are worthy of our repeated thinking.It is recommended to watch it more than ten times.

"True Rules of the Stock Market"

Recommended index: four stars

It was also one of the first few books I read.The strongest part of this book is that it reviews almost all industries, the key points of each industry and so on.But the problem is too broad but not refined, and of course there is no way around it.After reading this book, you will feel that you seem to know a little about every industry, but when you really want to invest, you don't understand.

"You Can Be a Stock Market Genius"

Recommended index: five stars

This book is probably the one that Xiaoxiong has read the most times. I have been reading it repeatedly on the bedside.The book is filled with the essence of Joel Greenblatt's corporate analysis.According to the professor's investment, Cubs has been slowly expanding his circle of competence in the past two years.To be honest, compared to Buffett, Joel is more willing to share his investment analysis and experience with you.This has also infected Xiaoxiong, and he will share his investment skills with you.

"Securities Analysis (1965 Edition)"

Recommended index: Samsung half
A relatively dry big brick book, a book as big as a brick.This book is very famous, but in fact there is not much content to guide our investment.This book tends to be large and comprehensive, resulting in too much content. I don't know how many people can insist on reading it.Anyway, Little Bear didn't want to watch it anymore after watching it once.

"Buffett's Moat"

Recommended index: four stars

The book written by the director of the investment department of Morningstar Company analyzes in detail the causes, judgment methods and quantification of various moats.Cubs also incorporated it into their own investment system, which is where the concept of the moat in the elementary class came from.

comprehend by analogy:
Munger's Various Speeches

Recommended index: four stars

Munger is more born than Buffett, so his speech is a little more esoteric.But if you can patiently think about what he said, you will find that Munger's thinking is a system, and investment is only a small part of it.

"The Great Wisdom of Stock Investment"

Recommended index: four and a half stars
Strictly speaking, this book is not an investment book, but it is better than most investment books.It tells about Munger's grid thinking method, which helps us exercise and think about various issues, including the ability to invest.

"Finding the Next Starbucks"

Recommended index: Samsung

This book also analyzes from a qualitative point of view how the coffee giant Starbucks was born.Of course, it is more of a historical analysis, but there are still some dry goods in it.

"Magic Ball"

Recommended index: four stars

There is also a movie about this book, starring Brad Pitt, but the movie is not as exciting as the book.The whole book is about the process of baseball from qualitative analysis to quantitative analysis, which is worth thinking about.

Value Investor Digest

Recommended index: four and a half stars
There are fifty volumes in total, filling the two floors of my bookshelf.Most of the articles are translated from the American "Outstanding Investor Digest", and they are all very good articles.Some of them have nothing to do with investment at first glance, but broadening your horizons is a major element of investment.And as the saying goes, kung fu is outside poetry, and different disciplines can give us different insights.Of course, investing in basic teaching materials is still the first priority, because even if kung fu is outside of poetry, one must first learn poetry well, and then develop outside kung fu.

(End of this chapter)