This book, written by Dr. David D. Burns, outlines scientifically proven techniques based on CBT to help readers overcome negative thoughts and develop a positive outlook on life. It addresses common mental health issues such as depression, anxiety, guilt, and low self-esteem by identifying and correcting cognitive distortions. The book provides practical advice on recognizing and changing negative thought patterns, handling criticism, building self-esteem, and improving overall mental well-being.
In 'Beating the Street', Peter Lynch explains his strategies for investing, emphasizing the importance of understanding the companies behind the stocks. He advises investors to focus on what they know, avoid macroeconomic predictions, and maintain a concentrated portfolio of well-researched stocks. Lynch provides practical advice on finding undervalued companies, doing thorough research, and making disciplined investment decisions. The book is a follow-up to his earlier work, 'One Up On Wall Street', and offers insights into his successful investment approach[1][3][4].
Liar's Poker is a non-fiction, semi-autobiographical book that details Michael Lewis's three-year tenure at Salomon Brothers, one of Wall Street's premier investment firms in the 1980s. The book provides a behind-the-scenes look at the culture of bond traders, highlighting the frat-boy camaraderie, killer instincts, and high-stakes games of bluffing and deception. Lewis describes the creation and use of mortgage bonds, the excessive bonuses, and the ruthless competition among traders. The narrative also touches on the author's disillusionment with the industry, leading to his resignation and transition into financial journalism.
In 'Common Stocks and Uncommon Profits', Philip A. Fisher outlines his investment philosophy, which focuses on identifying and investing in high-quality growth companies. The book is renowned for Fisher's '15 points to look for in a common stock', which include evaluating a company's products, management, sales organization, research capabilities, and long-term growth prospects. Fisher advocates for a qualitative approach to investing, emphasizing the importance of understanding the business and its management rather than relying solely on quantitative metrics. The book also discusses when to buy and sell stocks, the role of dividends, and the pitfalls of short-term thinking in investing.
Originally published in 2005, Poor Charlie's Almanack is a collection of eleven talks delivered by Charles T. Munger between 1986 and 2007. Edited by Peter D. Kaufman, this book draws on Munger's extensive knowledge across various fields to provide a framework for rational and rigorous approaches to life, learning, and decision-making. It is renowned for its sharp wit and rhetorical flair, making it an essential read for investors, entrepreneurs, and anyone seeking to enhance their wisdom and critical thinking skills.
Matt Cochrane and I are reuniting to discuss another investing classic.
Today’s episode is about Poor Charlie’s Almanac: The Essential Wit & Wisdom of Charlie Munger. Poor Charlie’s Almanac is a collection of essays & speeches from Charlie Munger, along with Munger’s commentary on them, highlighting his unique approach to business & life.
We’ve discussed three other books: Peter Lynch’s Beating the Street, the Little Book that Builds Wealth, and Phil Fisher’s classic, Common Stocks & Uncommon Profits. I encourage you to check out those episodes.
Links
* Poor Charlie’s Almanac: https://www.amazon.com/Poor-Charlies-Almanack-Essential-Charles/dp/1953953239
Disclaimer
Nothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.
Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor’s own objectives, experience, and resources.
The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.
Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content.
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