Must Reads

The Dhando Investor – Monish Pabrai

Investing is an exercise of determining probabilities
Use the Kelley formula to determine bet size
Copycats trump innovators
Keep it simple and move on if excel has to be fired up
Make few but large bets
Model sale of investment at conservative multiple in DCF instead of terminal growth

Better – A Surgeon´s Notes on Performance – Atul Gawande

Encourages to improve, to change and to do better. Listen to the story behind, care more.

The Essays of Warren Buffett – Warren Buffett, edited by Lawrence A. Cunnigham

The bible of value investing. Beautifully translates the language of business into plain English.

Antifragile – Nicholas Nassim Taleb

The Antifragile thrives when being exposed to volatilty. This differs from Robustness, which solely resists volatility. Everything Fragile eventually goes under.

Stress Test – Timothy F. Geithner

The main condition that leads to panics is concentrated leverage in the form of Runnable Short-Term Funding.

Daily Observations – Bridgewater Associates (Newsletter)

Economic lessons on the market by Bridgewater´s Ray Dalio.

The Audacity of Hope – Barack Obama

Marcia Stigum´s the Money Market – Dr. Marcia Stigum

In-depth knowledge of the functioning of money markets.

Value Investing, From Graham to Buffett and Beyond – Greenwald, Kahn, Sonkin et al.

Don´t pay for growth. And valuation methods that provide a work around.

When Genius Failed – Roger Lowenstein

Fragilists go bust. Ivory tower academia threats the system.

Sklaven des Wachstums – Reiner Klingholz

Our dependency on growth will be fatal. Collapse will come either in the form of a massive crisis of our financial system, wars due to mass migration caused by climate change, resource scarcity due to overpopulation or destruction of ecosystems because of pollution.

Dark Pools, The rise of A.I. Trading Machines – Scott Patterson

Wake up! We aren´t living in an open-outcrier-world anymore.

The Little Book That Still Beats the Market – Joel Greenblatt

Low price and high ROIC. The components for outperformance.

The Big Short – Michael Lewis

The story of the financial meltdown of 2008 and those that not only saw it coming but risked reputation as well as capital.

Flash Boys – Michael Lewis

Speed is everything.

The Superinvestors of Graham-and-Doddsville – Warren Buffett

Outperformance of value investing is more than a lucky coincidence.

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