A forum to recommend and discuss books. These can include books directly related to the markets, or things only slightly related. As long as they can be tied back into the market in some way, be it specific trades or simply something to help you view the market/ life in a way that youve found beneficial to trading.
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“Tap Dancing to Work: Warren Buffett on Practically Everything, 1966-2012” is a collection of Fortune magazine articles that have been collected and expanded by Carol Loomis. Carol Loomis is a long time friend of Warren Buffett, as well as a Fortune contributor and editor.
The book is laid out in chronological order for the most part starting with the first mention of a relatively unknown hedge fund manager we now know very well, Warren Buffett, in 1966. Ironically, the article was about another hedge fund manager, Alfred Winslow Jones and Loomis, the author of the original article, embarrassingly misspelled Buffett's last name with only one t. He later called her after the article was published and gave her a friendly ribbing about it. This started a friendship that has lasted 46 years.
For the most part the material contained in the book can be found in other places. As you know, I have voraciously read anything about Buffett I could get my hands on. Roughly 70% of the information within the book was already known to me through my previous reading. But that is not meant to disparage the book at all. It is a great place to find a rather specific overview of Warren Buffett's career without having to do a great deal of research.
The book's greatest strength for me was the details that were not known to me on several issues. These issues include Berkshire's misguided and mistimed investment in Solomon Brothers, Berkshire's role in the bailout of Long Term Capital Management, and the rise and fall of David Sokol. Furthermore, I gained a more personal insight into the man who is Warren Buffett. “Tap Dancing...” clarified his views on philanthropy, his friendship with the Gates', and some of his political views.
While the book contains nothing earth shattering for someone who has thoroughly researched the greatest investor of our time, Warren Buffett, it is a great place to discover some of the minutia that is not found in other resources. For someone who is not already well versed in all things Buffett, “Tap Dancing to Work” is an outstanding resource.
"Bull's Eye Investing: Targeting Real Returns in a Smoke and Mirrors Market" by John Mauldin
I recently completed this interesting read. It was published in 2004, so the reader now has the benefit of hindsight. The book discusses everything from stock market long cycles, p/e cycles, secular bull/bear markets, t/a, value investing, and investing in alternative assets and hedge funds. He makes some very prescient predictions, suggesting that for the next decade or so we would experience a slow growth, "muddle through" economy. He also predicted a low interest rate, deflationary environment. While the first 2/3 of the book I found well worth the time it took to read it, the last 1/3 of the book took as long to read as the first 2/3. The last 1/3, in my eyes, the author leaves the reservation and begins recommending specific arenas while seemingly making similar correlations and assumptions that he would rail against in previous chapters. The book was well worth my purchasing price($1.50) at Goodwill. If the author had spent as much time on the last few chapters as he had writing the previous chapters, it would have been a great book. Instead it was merely a good read.
Drew, I skimmed "Endgame: The End of the Debt Supercycle and How It Changes Everthing" by John Mauldin. It cost me $28! Basically, the whole world is going to hell in a handbasket, and that is the GOOD news! So I buried our life savings in our backyard. Mauldin calls himself an optimist, but I always have a gun to my head when I read his articles ("Thoughts From the Frontline" and "Outside the Box")
Kos, how do you like Mauldin's "facelift"? He is older than I am but he looks like a 20 year old with his
"miracle cream". He describes Japan as a "bug in search of a windshield", which is how I describe my investments. He admitted that his 2012 predictions were off (I went through year end 100% invested, which worked out!), so I need a blow torch to thaw the ice so that I can dig up our life savings from the back yard (Chrissie and my Cayman Island account). If I remember right, Mauldin used one hand to apply the miracle cream and THAT hand looks younger than the other one! :)
Cayman islands? Have I told you I can squeeze into your suitcase and come with? hahaha
Not a book, but an article for you T/A guys. I know we discussed this in chat, but I thought this would be a good place for a reference link. Thomas Demark technical analysis stuff: http://www.technicalanalyst.co.uk/demark.pdf
I recently read "The Future For Investors" by Jeremy J. Siegel. It was another Goodwill Store purchase. While it was written in 2003, it's well worth a read. He discusses what strategies and stocks worked over the past 50+ years and why. His conclusions may surprise you. Spoiler, I wasn't. lol
What? No hints or rebuttal that he's insane? Just buy WAG! lol
No insanity, just the facts, ma'am. lol Buying WAG always a good idea, at least under 40. Pretty much confirmed value investing is the way to go over long time frames.
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