Interesting books recomended by Seth Klarman

I just read an excellent interview to Seth Klarman made by Jason Zweig, at the CFA Institute 2010 Annual Conference in Boston (held 16–19 May) you can download it here: Seth-Klarmanm-Interview-Financial-Analyst-Journal. He mentions a lot of very interesting things but since I already read it and I always like to learn more I will mention the books he recommends so that I can get my hands on them as soon as possible, here is what he says:

Zweig: Can you recommend a few books
other than those by Graham and Dodd that our
audience might enjoy?
Klarman: Certainly. First, however, let me
say that Graham’s The Intelligent Investor, which
you recently revised, is probably more accessible
than Graham and Dodd’s Security Analysis,
although the nifty thing about the sixth edition of
Security Analysis is the updated comments.
Joel Greenblatt’s You Can Be a Stock Market
Genius is tactical and includes some very specific
and interesting strategies, and The Aggressive Con-
servative Investor, by Marty Whitman and Martin
Shubik, is also very interesting.
Anything Jim Grant writes is wonderful. Even
if he’s not always right on his predictions, he is
among the best thinkers and financial historians.
Michael Lewis has never written a bad book.
Moneyball is about value investing. Looking back
20 years from now, The Big Short may be the defin-
itive book about this era. It is about a microcosm,
but the microcosm explains everything. Andrew
Ross Sorkin’s Too Big to Fail is fabulous, as is
Roger Lowenstein’s The End of Wall Street.11 In fact,
all of Roger Lowenstein’s books are excellent, and
so we should read everything Roger has written.
Never stop reading. History doesn’t repeat,
but it does rhyme. Jim Grant has a wonderful
expression: In science, progress is cumulative, and
in finance, progress is cyclical. Fads will come and
go, and people will think we are on to a new thing
in finance or investing; but the reality is that it is
probably not really new, and if we have seen the
movie or read the book, maybe we know how it
turns out.

Cheers!
jrv

About jrv

I was born in Spain and lived in Belgium, Chile, France, USA, Argentina among other places. Currently I am trying to settle down in a wild place. I am "retired", even though now I dedicate more hours "working" for my investments than I ever worked in the real labor market where I used to work in IT and Banking. I am a family man, I have a lovely wife, several sons and one step daughter. I have humble tastes, I like to stay home and read about companies and investments. I started investing at 25 before the internet bubble exploded. I did not know much about investing and liked technical analysis so my results were pretty bad. Fortunately I did not have much to lose. Some years later in 2006 bored of doing only real state investments and with quite a lot of money saved I opened an account in a cheap and excellent online broker and started again. This time I did not want to commit the same mistake, so I decided to follow a model. I heard that Warren Buffett was the best at making money via stocks so I started by reading a lot about him, all of his shareholders letters and several of the books that he recommended. I learned a lot, started applying his investing principles and reading a lot of 10K's. Digested news from lots of different sources. Basically I started buying very good and cheap companies and holding them for ever if possible and if nothing changed fundamentally. When the housing crisis started I was more than 75% cash. At that time I identified good companies at incredibly cheap prices so I invested most of my savings in stocks. In less than I year I doubled. By the second semester of 2009 I turned my software company into an investment vehicle and dedicated myself full time to it. My wife and I decided to change our lifestyle and moved from Belgium to the beach in a wild country. The goal was to keep fixed costs low in order to be able to live with a minimum 6-8% yearly return but specially to move away from the inhuman life of civilization and to have finally some peace and sunny weather to concentrate better on investing. Now I can think and study about companies 60 hours a week and I am doing great. I can finally do what I want full time and can proudly say that I have never been so happy, specially also with my just born 4th son, my other great kids and my sweet wife who supports me fully while I study most of the day and patiently wait for the opportunity to make a swing ! You can learn a bit more about my portfolio by viewing it at www.kuchita.com/view/sumo.php or you may learn more about me and my family by following the link "Author's site" from the menu above.
This entry was posted in Books, General and tagged , , , , . Bookmark the permalink.

The Intelligent Investor Blog Posts Feeds

Receive posts by email?