The end of March means it’s time for another quarterly reading update. A vacation in February got me back on track reading-wise. It’s amazing the number of pages you can get through when you disconnect from the internet for 10 days. Anyways, onto the books.
Here’s what I’ve been reading the past three months:
- The Zurich Axioms — The book covers 12 axioms, with several minor axioms, that explain how to think about risk, reward, and uncertain to make investing most rewarding for you. In a way, it runs counter to the typical investment advice pushed today. At the very least, it gives you something to think about. (Notes on the book)
- Concentrated Investing — The authors profile eight investors, each with different styles, to figure out what was behind their returns. Obviously, concentration (the answers in the title) played a role. But they dive into the necessary behavior needed, the data behind concentration, and briefly discuss position sizing. I latter two I found most interesting. (Notes on the book)
- Educated: A Memoir — Hands down, one of the wildest life stories I’ve read in a while. The author tells her story of being pulled out a school at an early age, being homeschooled (absolute overstatement), has the drive to want to go to college, somehow passes college exams, finally makes it on campus, and gets introduced to a wide world she never knew existed. Of course, it’s about more than just education. The story behind that story makes it worth reading.
- The Collected Writings of John Maynard Keynes Vol. 12 — The entire collected works is like 30 volumes. This is only volume 12, which covers Keynes’s investing history, correspondence about investing…basically all things Keynes and investing. And the investing part is really only the first couple of chapters. It’s almost 900 pages in total and I doubt I’ll ever read it cover to cover, but if you’re interested in Keynes’s investment history this volume has everything you need.
- The Fish that Ate the Whale — It’s the story of a Russian immigrant, Sam Zemurray, who saw an opportunity in the banana business and ran with it. In the process, he out-hustled and out-innovated the giant of the industry, El Pulpo, United Fruit Co.
- Benjamin Graham: The Father of Financial Analysis — I was looking for another book on Graham when I saw this one. It’s a little 64-page book put together by Irving Kahn after Graham’s death. Pieces of it can found online, so I’ve read most it already, but the ebook is free. There’s some background on Graham’s life, his investing, and a great interview with him.
- How to Take a Chance — Currently reading.
- Fortune’s Formula — Currently reading.
Other reading ideas:
- Making Money Simple — The book just came out April 2nd. I know the author knows this stuff backward and forward. So if you’re looking to get your financial life in order, this personal finance book by Peter Lazaroff is a great place to start.
And some book lists:
- 10 of Bill Gates’s Favorite Books about Tech – MIT Tech Review
- Robert Shiller: The Best Books on Capitalism and Human Nature – Five Books
- Jim O’Shaughnessy: Book Recommendations Tweetstorm – Twitter
- Read More Books: How to Get Started – Abnormal Returns
- Marks Memo: Growing the Pie (pdf) – H. Marks
- Buying the Good Stocks Can Be Bad – M. Levine
- The Most Misunderstood Investing Concepts: Time Horizon – J. Voss
- In Search of Temperament: Probabilistic Thinking – Market Fox
- Fees vs. Fines – M. Housel
- Was the Stock-Market Boom Predictable? – R. Shiller
- What Sports Teaches Us About Investing – MicroCapClub
- Ref, You Suck! (podcast) – Michael Lewis
- Robert A. Caro On the Means and Ends of Power – NY Times
- The Day the Dinosaurs Died – New Yorker