I am wondering, as we have the momentum going for now, any suggestions on what I should be reading/following to build the knowledgebase on the top of level 3 material? I am from IT, so may not be aware of the fundamental websites/articles etc which an investment professional usually follows to keep him up to date.
I’ve made a list of books I want to read now that I have all the time in the world -
Poor Charlie’s Almanac (Charles Munger)
Security Analysis The Intelligent Investor (Ben Graham) One Up On The Wall Street (Peter Lynch) The Most Important Thing (Howard Marks) Financial Shenanigans (How to Detect Gimmicks and Fraud) The Black Swan (Nicholas Taleb) Psychology and the Stock Market (David Dreman) Contrarian Investor (David Dreman) Where Are the Customers’ Yachts? (Fred Schwed) The Essays of Warren Buffett When Genius Failed The Big Short (Michael Lewis) Liar’s Poker (Michael Lewis) There’s Always Something to Do Barbarians at the Gate The Super Investors of Graham and Doddsville - article Margin of Safety The Templeton Way The Prize (Dan Yergin)
I would read whatever is related to your job, or whatever your boss tells you to read.
Why would you read “Security Analysis” if you’re a budget analyst? Don’t misunderstand me, there’s a lot of knowledge contained in the books mentioned above, but most of them are of rather dubious value, like “Superinvestors”. It’s a good read, and I’ve read it, but it has zero relevance to any job in the world.
I think avantishetye has compiled a great list, regardless of how applicable it is in snua’s particular circumstances.
snua - just beware these won’t help in your job search, but will expand your overall knowledge.
Call me cynical but I don’t think “investment professionals” are big readers (except geniuses like Buffett.) I get the impression that most are either schmoozers in the FO or nerds in the BO, blissfully unaware of the Big Picture.
Fooled by Randomness is NOT a good read! It’s basically 350 pages about survivorship bias. It’s way overkill. Way too long winded and I don’t care for the style of writing either. And it’s totally literred with plugs for his own fund. C’mon!
It depends on how familiar you already are with statistics, but anyone with at least some exposure to it might find this book really boring!
BTW, I think one could write a good 350 page book about survivorship bias, but it would have to be a lot more technical than this book. Instead, it’s just 350 pages of different stories about survivorship bias.
I disagree, most of the PM’s I work with are huge nerds that read read read. For example, Dan Dupont, a PM with Pyramis (Fidelity Investments Canada) spends a lot of time (during the day, at the office) reading up on the great investing legends. He is one of the hottest PM’s in the Canadian mutual fund space and just keeps on blowing away his benchmark in terms of performance and does it with less standard deviation than the index. I work with plenty of others that are in the same boat…
Greenman72, I do have a job but with my busy job, the room I have created for level 3 study, I still want to use some part of it to stay in touch with financial world. (As I mentioned earlier my work is focus on information technology)
OK. I’m assuming (and tell me if I’m wrong) that you know nothing about finance outside of the CFA curriculum. If that’s true, I’d start with “A Random Walk Down Wall Street”. It’s funny, and gives some critical insight to the industry. You’ll also recognize a lot of your Level 2 studies in there.
“When Genius Failed” is also one of the greatest-ever books.