In this book, Joel Greenblatt provides a straightforward and accessible guide to value investing. He introduces a 'magic formula' that helps investors identify and purchase good businesses at below-average prices. The formula, explained using simple math and humor, has been extensively tested and proven to be effective in beating the market and professional managers. The book also explores why success often eludes individual and professional investors and why the formula remains viable even after widespread knowledge of it. Updated editions include data and analysis from the recent financial crisis and model performance through 2009[2][3][4].
In 'The Man Who Beat the Market', Gregory Zuckerman delves into the strategies and philosophies of successful hedge fund managers such as Ray Dalio and David Swensen. The book provides insights into how these managers navigated and profited from the financial crisis, and offers lessons for individual investors on how to make informed investment decisions.
In 'The Price of Time', Edward Chancellor delves into the history of interest from ancient Mesopotamia to the present day, highlighting its crucial role in determining how capital is allocated and priced. The book discusses the concept of interest as the 'price of time', its various forms and justifications throughout history, and its impact on economic activities. Chancellor argues that low interest rates, particularly those following the 2008 financial crisis, have led to economic instability, asset price bubbles, reduced productivity growth, and increased inequality. The book is praised for its engaging narrative, rich in anecdotes and historical insights, making it accessible and informative for both economic historians and general readers.
Unscripted by M.J. DeMarco is a no-nonsense guide to breaking free from the societal script that often leads to a life of mediocrity and financial dependency. The book exposes the invisible script that dictates most people's lives, pushing them into conformity, obedience, and economic servitude. It provides a framework for creating wealth and achieving true freedom through entrepreneurship, emphasizing the importance of rewriting one's own life script and taking control of one's destiny. The book is divided into sections that identify the problem with the current work culture, explain the script that enslaves people, and offer practical advice on how to go unscripted and build a business that changes one's life[2][3][5].
This book, first published in 1978, tracks various financial crises through time, from 'Tulipmania' to the global financial crisis of 2008. It disentangles the narrative of many financial disasters into their component parts and educates readers on how to identify different phases of the financial cycle. The book covers historical financial manias, typical patterns of crisis evolution, and fraudulent behaviors. Later editions, updated by Robert Z. Aliber and Robert McCauley, include new chapters on cryptocurrency, the US as the global lender of last resort, and recent financial bubbles in China and the US housing market. The book is a valuable resource for finance and economic researchers, students, practitioners, and policymakers[2][3][4].
In 'Devil Take the Hindmost,' Edward Chancellor traces the origins of the speculative spirit back to ancient Rome and chronicles its revival in the modern world. The book covers various financial bubbles and crashes, including the tulip scandal of 1630s Holland, the South Sea Bubble of 1720, the railway mania of the 19th century, the crash of 1929, and more recent events like the dotcom bubble and the Japanese bubble economy. Chancellor explores how human psychology and financial practices have led to repeated cycles of speculation and financial instability over the centuries.
Chris Pavese is the President & Chief Investment Officer at Broyhill Asset Management. In this conversation, we discuss investing strategy, time horizons, what makes his firm successful, evaluating stocks, reasons to sell, why he invested in Philip Morris, ZYN trend, book recommendations, and bitcoin.
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