En "Seeking Wisdom", Peter Bevelin desentraña la filosofía de inversión de Charlie Munger, explorando sus principios clave y su enfoque multidisciplinario. El libro analiza cómo Munger integra ideas de diversas áreas del conocimiento, como la psicología, la historia y la ciencia, para tomar decisiones de inversión. Bevelin presenta una colección de anécdotas y ejemplos que ilustran la aplicación práctica de estos principios. La obra destaca la importancia del pensamiento crítico, la humildad intelectual y la búsqueda constante de conocimiento. El libro es una guía valiosa para inversores que buscan un enfoque más profundo y holístico.
Written by Benjamin Graham, 'The Intelligent Investor' is a seminal work on value investing that has inspired millions since its original publication in 1949. The book emphasizes the importance of distinguishing between investing and speculation, calculating the intrinsic value of companies, and maintaining a margin of safety. The revised edition includes updated commentary by Jason Zweig, who provides modern examples and insights to help readers apply Graham's principles in today's market. Warren Buffett, a disciple of Graham, has praised the book as 'the best book about investing ever written'.
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.
Este libro ofrece una perspectiva única sobre la inversión, enfocándose en el análisis de los retornos de capital de las empresas. Explora cómo identificar empresas con un sólido historial de generación de valor y cómo evaluar su potencial de crecimiento futuro. Se destaca la importancia de comprender la dinámica de la oferta y la demanda en el mercado, así como la necesidad de un análisis profundo de los estados financieros. El libro proporciona herramientas y estrategias prácticas para la toma de decisiones de inversión, ayudando a los inversores a identificar oportunidades de inversión atractivas. Su enfoque en el análisis de los retornos de capital lo convierte en una lectura esencial para inversores que buscan un enfoque más profundo y menos dependiente de las fluctuaciones del mercado.
In 'The Joys of Compounding', Gautam Baid offers a comprehensive approach to value investing, drawing from the wisdom of investing legends like Warren Buffett and Ben Graham. The book emphasizes the importance of self-improvement and intellectual development as key components of successful investing and living. It combines practical investment advice with philosophical reflections, making it a unique resource for investors and anyone interested in personal growth.
This book offers a unique blend of practical advice and sound theory, drawing from various sources and disciplines such as casino gambling, horse racing, psychology, and evolutionary biology. Mauboussin emphasizes the importance of a multidisciplinary approach to investing, covering topics like investment philosophy, psychology of investing, innovation and competitive strategy, and science and complexity theory. The book is written for professional investors but extends beyond the world of economics and finance, providing tools to better understand concepts of choice and risk. It includes fresh thoughts on human cognition, management assessment, game theory, and the mechanisms driving market mood swings, making it a valuable resource for long-term financial results.
This book provides a highly accessible guide to the stock market, focusing on special situations that portfolio managers and investment experts often miss. It includes case studies, important background information, and tools for individual investors to exploit opportunities in areas like spin-offs, restructurings, merger securities, rights offerings, recapitalizations, bankruptcies, and risk arbitrage. Greenblatt, who has been beating the Dow with returns of 50 percent a year for over a decade, shares his expertise to help readers become successful stock market investors.
This book is a collection of essays and letters written by Terry Smith between 2010 and 2020. It debunks common myths of investing and advocates for a simple yet effective strategy: buying the best companies in the world. Smith highlights businesses that generate significant cash and know how to utilize it effectively, leading to powerful compounding of returns. The book covers various topics, including why to avoid companies that abuse the English language, the risks of ETFs, and the pitfalls of ESG investing. It also includes Smith's ten golden rules for investment and practical insights on making money work for you.
In 'Where Are the Customers' Yachts?', Fred Schwed Jr. delivers a witty and incisive critique of the financial industry, exposing the myths and misconceptions that pervade Wall Street. The book humorously explores how financial professionals often prioritize their own wealth over clients' financial well-being, and it offers insights into human psychology and investment behaviors. First published in 1940, the book remains relevant today, cautioning investors to approach financial advice with skepticism.
Clay Finck chats with best-selling author, Gautam Baid. We cover the passionate pursuit of lifelong learning, how he achieved his dream of being a professional portfolio manager, why he puts the majority of his focus on high quality businesses, why India’s time has arrived, and much more.
Gautam Baid, CFA is the Managing Partner of Stellar Wealth Partners India Fund, a Delaware-based investment partnership which is available to accredited investors in the US. Gautam is also the Equity Advisor of Complete Circle Stellar Wealth PMS, a portfolio management service which is available to Indian citizens and NRIs globally. Both funds are modeled after the Buffett Partnership fee structure and invest in listed Indian equities with a long-term, fundamental, and value-oriented approach.
IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
03:38 - Where Gautam’s passion for value investing and lifelong learning originated from.
07:07 - The realization that Gautam had to pursue his dream of managing money and investing in the stock market.
10:52 - The story of Gautam applying to over 1,300 jobs in the investment industry before landing one as a portfolio manager.
14:38 - How Gautam’s book got published by Columbia Business School and became an international best seller in seven countries.
18:43 - Gautam’s definition of a high quality business.
24:32 - Why Gautam allocates the majority of his portfolio to high quality businesses despite their richer valuations.
30:00 - The characteristics of a business that indicate it has high staying power.
31:06 - How Gautam identifies businesses that can earn super-normal profits.
34:04 - Gautam’s framework for selling stocks in his portfolio.
35:35 - The four stages of a company’s growth cycle.
37:14 - Why Gautam looks for opportunities in all areas of the stock market, including cyclicals, spin-offs, and special situations.
49:54 - Why it’s so important to think probabilistically instead of deterministically.
52:45 - Why forecasting the economy, the Fed, and interest rates is a fool’s errand for stock investors.
55:09 - Why humility is required to be a successful long-term investor.
59:17 - Why US-based investors should consider investing in Indian equities.
61:01 - Why Gautam believes that, “India’s time has arrived.”
64:51 - Long-term structural trends currently happening in India.
69:02 - Why Gautam believes that the incentives in the overall investment industry are broken.
72:40 - The differences Gautam has found between managing a fund and managing his personal portfolio.
75: 47 - Why lifelong learning is paramount to being a successful value investor.
76: 28 - How to create an environment that promotes learning.
78: 38 - Three investing and non-investing books Gautam recommends to our listeners.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
- Check out our newly released TIP Mastermind Community.
- Learn more about Gautam’s Fund – Stellar Wealth Partners.
- Learn more about Complete Circle Wealth.
- Check out The Joys of Compounding.
- Check out Clay’s review of The Joys of Compounding or watch the video here.
- Joel Greenblatt’s book, You Can Be a Stock Market Genius.
- Ed Chancellor’s book, Capital Returns.
- Fred Schwed’s book, Where are the Customers’ Yachts?.
- Terry Smith’s book, Investing for Growth.
- Charlie Munger ’s book, Poor Charlie’s Almanack.
- Peter Bevelin’s book, Seeking Wisdom.
- Michael Mauboussin’s book, More Than You Know.
- Check out our recent episode covering the Microcap Investing with Ian Cassel, or watch the video here.
- Follow Gautam on Twitter.
- Follow Clay on Twitter.
SPONSORS
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
We Study Billionaires - The Investor’s Podcast Network 
