With the year almost over, now is a good time for a review. Every year I’m surprised when something I write gains traction. This year was no different. Sometimes I spend hours on an article that gets ignored while I spend minutes on what I assume is an afterthought and it gets a ton of hits. I stopped trying to figure it out long ago and just write about what I find interesting. You, the readers, do all the rest. Thank you!
I spent most of the year reading old books, articles, interviews, and lectures from some the most well-known investors around and then sharing some of their wisdom. There was a lot to take away for it.
But if there is a broader a lesson from all of it, it’s that there’s no single right way to invest. They all follow the basic tenet of value investing – buy something for less than its worth, with a large margin of safety – but they all go about it differently. Sure they’re all humble, patient, disciplined investors – lessons in themselves – but they found the version that fit them best and stuck with it.
Anyways, these were the most-read articles of the year.
100 Year Old Investment Advice – I went searching for an old book referenced in The Intelligent Investor but I found this one instead. I found it interesting. Sound investment advice hasn’t changed in at least a century. It’s just rewritten over and over again.
Buffett Explains Bubbles – The FCIC released several transcripts early this year including a two-hour interview in which Warren Buffett offered an enlightening take on bubbles which I thought I’d share. The entire interview is an interesting read.
5 Lessons from the 2015 Berkshire Letter – Buffett’s annual letter always draws a lot of attention. These were the five lessons I took away from this year’s letter.
Notes from a Seth Klarman MBA Lecture -Seth Klarman gave a lecture to a Columbia MBA class in 2010. The video was posted on Youtube a year ago and then taken down. So I posted my complete notes from the lecture.
Random Wisdom from The Intelligent Investor – As the title says, some timeless wisdom from The Intelligent Investor, which I read again this year.
Notes from a ’63 Ben Graham Lecture – These are some highlights from a lecture titled Securities in an Insecure World in which Graham offered his wisdom on a recurring market theme, dealing with volatility, having asset allocation rules, and why investing is about compromise.
Seth Klarman on Value Investing – This is how Seth Klarman defined value investing in a 1991 interview and how it fits into his investment strategy.
Seth Klarman on Speculating, Humility, and Cycles – From a 2010 interview, Seth Klarman discussed his views on speculating, the long run mentality, a value company, humility, cycles, and learning.
Walter Schloss on Investing in Stocks – Walter Schloss liked to keep things simple. These are his 16 factors to making money in the stock market.
Buffett on Competitive Advantage – Warren Buffett explained why companies like Coca-Cola, See’s Candies, and Gillette have a competitive advantage because of their lack of change.