Investing Bites

Thanks to the Internet!

Below are various articles, books, speeches, videos to anybody interested in becoming a better investor. The collection is not complete and I will update it when times permit.

The resources are not simply about investing. It is about becoming a better human being. Learning from the success and failure of others is the fastest way to get smarter and wiser without a lot of pain.

The best thing a human being can do is help another human being know more. – Charlie Munger, Berkshire Hathaway Annual Meeting, 2010

The resources are classified by alphabetical order.

Allan Mecham (Arlington Value Management)

• Manual of Ideas – Allan Mecham Interview (pdf)
• The 400% Man (Marketwatch)
• Is This The Next Warren Buffett? (Forbes)
• The Oracle of Salt Lake City (ComplianceX)
• Arlington Capital Presentation – Avoid the Deadly Sins (pdf)
• Arlington Value 2013 Letter (pdf)
• Arlington Value 2014 Letter (Valuewalk)
• Arlington Value 2015 Letter (pdf)

Bear Stearns

• Primer on ROIC Valuation Framework (PDF)

Benjamin Graham (Father of Value Investing)

• “Securities in an Insecure World” San Francisco speech transcript in 1963 (PDF) (Thanks to Jason Zweig for transcript/copy and comments)
• Should Rich But Losing Corporations Be Liquidated? (Forbes)
• Book: Security Analysis 6th edition
• Book: The Intelligent Investor: The Definitive Book on Value Investing

Bill Ackman (Pershing Square)

• Graham & Doddsville Winter 2015 (PDF)
• What’s Eating Bill Ackman? (Institutional Investor)

Bill Gates (Microsoft/Cascade Investment)

• 1998 Warren Buffett & Bill Gates Discuss Innovation, Business and Success (Youtube)
• 2009 Warren Buffett & Bill Gates on Capitalism, Financial Crisis and America(Youtube)
• This Man’s Job: Make Bill Gates Richer (WSJ)

Bill Gross (PIMCO/Janus)

• Bill Gross June Investment Outlook: How to Make Money (Janus Henderson)

Bill Nygren (Oakmark Fund)

• Bill Nygren: “Value Investing Principles and Approach” (Talks at Google)
• 11 Questions With Oakmark’s Bill Nygren And Win Murray (Forbes)

Bruce Berkowitz (Fairhome Funds)

• Why Bruce Berkowitz Still Likes Stocks Others Hate (Video, Bloomberg)
• After the Apocalypse (Barron’s)
• Betting Big, Winning Big: Interview With Bruce Berkowitz, CEO of Fairholme Capital Management (Barron’s)
• The Manager of the Decade award (Morningstar)

Carl Icahn (Icahn Enterprises)

• Carl Icahn’s Dealbook Conference Interview (Youtube/NYT)

Charlie Munger (Berkshire Hathaway)

• The Psychology of Human Misjudgement speech (pdf)
• Boom and Bust Is Normal (10 min) (BBC/Youtube)
• A Conversation with Charlie Munger and Michigan Ross – 2017  (Script) (Youtube/The Ross School of Business)
• Books:
  Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger by Peter D. Kaufman
  Charlie Munger: The Complete Investor by Tren Griffin
  Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger by Janet Lowe

Columbia Business School

• The Graham and Dodd Luncheon Symposium Transcript (David Abrams, Bruce Berkowitz, James Grant, Glenn Greenberg, Bruce Greenwald, Roger Lowenstein, Howard Marks, J. Ezra Merkin and Thomas Russo.)

Daniel Kahneman

• Don’t Blink! The Hazards of Confidence (NYT)
• A Conversation With Daniel Kahneman; On Profit, Loss and the Mysteries of the Mind(NYT)

David Einhorn (Greenlight Capital)

• David Einhorn’s Speech at Value Investing Congress 2006 (PDF)
• Book: Fooling Some of the People All of the Time, A Long Short by David Einhorn

David F. Swenson (Chief Investment Officer, Yale University)

• The Money Management Gospel of Yale’s Endowment Guru (NYT)
• In College Endowment Returns, Davids Beat the Goliaths (NYT)
• A Conversation with David Swensen (CFR)
• Book: Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment
• Book: Unconventional Success: A Fundamental Approach to Personal Investment

Dean Williams (Batterymarch Financial Management)

• “Trying too hard”by Dean Williams SVP at Batterymarch Financial. Keynote speech at Financial Analysts Federation Seminar, August 9, 1981 (PDF)

Elon Musk (Tesla Motors, SpaceX)

• Elon Musk: The Architect of Tomorrow (Rolling Stones Magazine)
• Book: Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future by Ashlee Vance
• Elon’s Email to SpaceX Employees Regarding Taking The Company Public

Ed Thorp (Princeton/Newport Partners)

• Ed Thorp: the man who beat the casinos, then the markets (FT)
• Podcast: Ed Thorp talks with Barry Ritholtz on the Masters in Business
• Ed Thorp Interview at Context Summits Miami 2017 (Youtube)
• The House Always Wins. Then He Came Along (NPR)
• Edward Thorp’s 20% Annual Return For 30 Years (Forbes)
• Book: A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market

Francois Rochon (Giverny Capital)

• Transcript of Google Talk by Francois Rochon (PDF)
• The Art of Investing: Analyzing Numbers and Going Beyond – (Google Talk/Youtube)

Henry Singleton (Teledyne Inc.)

• Henry Singleton Forbes 1979 article
• Teledyne and Dr. Henry Singleton, Case Study in Capital Allocation (pdf)
• The Manual of Ideas on Business Leader Henry Singleton (Youtube)
• Henry E. Singleton, a Founder Of Teledyne, Is Dead at 82 (NYT)
• Emulate Henry Singleton (Grant’s Interest Rate Observer)
• The Brain Behind Teledyne, A Great American Capitalist (NY Observer)
• Corporations: Teledyne’s Takeoff (Time)
• A Case Study In Financial Brilliance by Leon G. Cooperman (Valuewalk)
• A Conglomerate That Works (NYT)

Howard Marks (Oaktree Capital)

• Howard Marks’ letters at OaktreeCapital.com
• Howard Marks: “The Most Important Thing – Origins and Inspirations” (Talks at Google)
• Podcast: Interview with Howard Marks: Masters in Business
• Oaktree’s Howard Marks on Market Warning, Risks, FAANGs (Youtube/Bloomberg)
• Oaktree’s Howard Marks: Keep Calm and Invest On (Youtube/Bloomberg)
• Book: The Most Important Thing

George Soros

• George Soros – I Would Rather Call Myself An Insecurity Analyst (The Acquirer’s Multiple)

Guy Spier (Aquamarine Fund)

• An Interview with Famed Value Investor Guy Spier (DoughRoller)
• My $650,100 Lunch with Warren Buffett (Time)

Indexing

• The Silent Road to Serfdom: Why Passive Investing is Worse Than Marxism (Sanford C. Bernstein & Co./Bloomberg)
• Are Index Funds Communist? (Bloomberg)

Irving Kahn (Kahn Brothers & Company)

• Irving Kahn, Oldest Active Wall Street Investor, Dies at 109 (NYT)
• A Dozen Things I’ve Learned from Irving Kahn about Value Investing and Business(25iq)
• How to Play the Market: Irving Kahn (Bloomberg)
• 108-year-old investor: ‘I doubled my money in 1929 crash – and I’m still winning’ (Telegraph)
• The 100-Year-Old on Wall Street (NPR)
• 106-year-old stockbroker talks shop (CNN)

Jamie Dimon (JPMorgan Chase)

• Lessons from the CEO Warren Buffett turns to for guidance (CNBC)
• Jamie Dimon talk (Stanford Graduate School of Business)

Jeff Bezos (Amazon)

• Jeff Bezos and brother Mark give a rare interview about growing up and secrets to success (Summit/Youtube)
• Jeff Bezos’ guide to life (TechCrunch)

Jeffrey Gundlach (DoubleLine Capital)

• Jeffrey Gundlach: The Man Behind The Millions (Buffalo News)

Jeremy Grantham (Grantham, Mayo, Van Otterloo & Co. LLC)

• Jeremy Grantham’s letters at GMO.com

Jim Chanos (Kynikos Associates)

• Chanos: Is a big change underway in global capitalism?
• Transcript of Jim Chanos’ appearance on CNBC (CNBC)

Jim Simons (Renaissance Technologies Corp.)

• Jim Simons, the Numbers King (The New-Yorker)
• Billionaire Mathematician James Simons Flopped the First Time He Invested(Bloomberg)
• The mathematician who cracked Wall Street (TED Talk)
• “World’s Smartest Billionaire:” James Simons is Cal Alumnus of the Year for 2016 (California Magazine)

Joel Greenblatt (Gotham Asset Management)

• On Value Investing: A Conversation with Joel Greenblatt with Howard Marks(Youtube/Wharton)
• Joel Greenblatt’s Market Secrets (Intelligent Investing With Steve Forbes) (Forbes)

Joel Tillinghast (Fidelity)

• Joel Tillinghast Finds Big Returns in Small Stocks (Barron’s)

John Malone (TCI & Liberty Media)
Articles & Letters

• John Malone: Flying Solo (The New Yorker – February 7, 1994)
• AT&T Completes the Acquisition of TCI (NYT, March 10, 1999)
• Cable’s Darth Vader Is Back (Forbes)
• National Western Stock Show Citizen of the West John Malone known for loyalty, can-do Western spirit (Denver Post)
• Liberty Media Company History (Liberty Media)
• Largest Land Owner (Land Report 100)
• CNBC’s full interview with Liberty Media’s John Malone (CNBC)

Jorge Paulo Lemann (3G Capital)

• What I Learned at Harvard (PDF, Santangel’s Review)
• Jim Collins Interviews Jorge Paulo Lemann (Youtube/Havard Business School 2016)
• Nitin Nohria Interviews Jorge Paulo Lemann and Warren Buffett (Youtube/Havard Business School 2017)
• Book: Dream Big by Cristiane Correa

Lei Zhang (Hillhouse Capital)

• Lei Zhang’s Lecture at Columbia Business School (Link 1, link 2)
• The Chinese Billionaire Zhang Lei Spins Research Into Investment Gold (NYT)
• Zhang Lei has Lunch with the FT (Financial Times)
• Hillhouse Capital Zhang Lei: the best investment does not need to quit (Netease, Translated from Chinese)

Li Lu (Himalaya Capital)

• Li Lu —Know What You Don’t Know (Graham & Doddsville)
• Foreword to the Chinese Edition of Poor Charlie’s Almanack (PDF)
• Li Lu – The Prospects for Value Investing in China (PDF)
• Li Lu – From Tiananmen Square to Possible Buffett Successor(PDF)
• Li Lu’s Talk at Columbia 2006 (PDF)
• Li Lu’s 2010 Columbia Lecture (PDF)
• Reflections On Reaching Fifty (ValueWalk)
• Video: Li Lu’s 2006 Columbia Lecture (Youtube)
• Video: Li Lu’s 2010 Lecture at Columbia (Youtube)
• Video: Li Lu’s Presentation at the FAME Student Investment Conference (Part 1, Part 2, Part 3)
• Book: Moving the Mountain
• Book: Poor Charlie’s Almanack (Chinese Edition)

Lou Simpson (Former CIO for Geico and current Chairman of SQ Advisors)

• A Q&A with renowned investor Lou Simpson (Kellogg Insight)
• A Dozen Things I’ve Learned from Lou Simpson About Investing and Business (25iq)
• Some insight on Lou Simpson and how he works (Value Investing World)
• Lou Simpson and portfolio construction (Value Investing World)
• The Next Warren Buffett (Forbes)
• A Maestro of Investments in the Style of Buffett (NYT)
• Lou Simpson WSJ Interview

Mark Cuban (Entrepeneur, Owner of the Dallas Mavericks, Shark Tank)

• Mark Cuban In Conversation With Kyle Bass (Real Vision/Youtube)

Mark Sellers

• Mark Sellers Speech to Sellers Capital Investors, June 9, 2007 (PDF)
• So You Want To Be The Next Warren Buffett? How ís Your Writing? (PDF/Manual of Ideas)

Martin J. Whitman (Third Avenue Management)

• Shareholder Letters – Third Avenue Management
• Free Book: Dear Fellow Shareholders…
• Book: Distress Investing: Principles and Technique
• Book: Modern Security Analysis: Understanding Wall Street Fundamentals
• Book: The Aggressive Conservative Investor
• Having the Last Laugh – Barrons (PDF/Barron’s)
• A Dozen Things I’ve Learned from Marty Whitman/Third Avenue about Investing(25iq)
• Marty Whitman Still Dives Deep For Value (PDF/Barron’s)
• Enduring Values, Enduring Value (PDF/Barron’s)
• The Big Money in Busted Bonds (Fortune)
• Remembering Famed Value Investor Marty Whitman (Morningstar)

Monish Padrai (Padrai Funds/Dhandho Funds)

• Mohnish Pabrai Lecture at Boston College Nov 2017  (Youtube/Carroll School of Mgmt)
• Why Mohnish Pabrai Likes GM, Fiat, and Southwest Air (Barron’s)
• How A Chinese Economic Policy Could Save Club Med Countries (Forbes)
• More blog, articles and books by Monish (Chai with Padrai)

Morningstar

• Losing My Religion
• More Moats, More Profits

Nassim Nicholas Taleb (Author of Fooled By Randomness and The Black Swan)

• Nassim Nicholas Taleb (Talks at Google)
• Nassim Taleb and Daniel Kahneman discusses Antifragility at NYPL (Youtube/NYPL)

Paul Singer (Elliott Management)

• The World’s Most Feared Investor (Bloomberg)
• The David Rubenstein Show: Paul Singer (Youtube/Bloomberg)
• Inside Elliott Management: How Paul Singer’s Hedge Fund Always Wins (Fortune)

Peter L. Bernstein

• A (Long) Chat With Peter L. Bernstein by Jason Zweig 
• Our Interview with Peter L. Bernstein (Advisor Perspectives)
• Obituary: Peter L. Bernstein; Influential Economic Historian (WP)
• Peter L. Bernstein on Risk (McKinsey & Company)
• The Big Interview: Chuck Jaffe talks to Peter L. Bernstein, author of “Capital Ideas Evolving” (Marketwatch)
• Interview With Peter Bernstein | Betting On The Market (PBS)
• Book: The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk
• Book: The Four Pillars of Investing: Lessons for Building a Winning Portfolio

Peter Lynch (Fidelity Investments’ Magellan Fund)

• Peter Lynch Interview – Picking Stocks & Investing (Youtube)
• A Wall Street legend explains why it ‘disturbs’ him when people tell him they ‘play the market’ (Business Insider)
• Interview With Peter Lynch | Betting On The Market (PBS)
• Peter Lynch — Charlie Rose

Ray Dalio (Bridgewater Associates)

• How Hegemons Fall (Morningstar)
• Populism: The Phenomenon(Pdf) (Daily Observations)
• How to build a company where the best ideas win (TED Talk)
• A Conversation with Ray Dalio and Michael Milken (MilkenInstitute/Youtube)
• How The Economic Machine Works (Bridgewater/Youtube)
• Tony Robbins interviews billionaire Ray Dalio (Tony Robbins/Youtube)
• Ray Dalio: There is Nothing That is Very Attractive
• Hedge Fund Trader Ray Dalio Best Trading Techniques
• Dalio discussing his investing principles at the Bloomberg Markets 50 Summit with Erik Schatzker (Bloomberg/Youtube)

Seth Klarman (Baupost Group)

• Seth Klarman – The Value of Not Being Sure (PDF)
• The Collected Wisdom of Seth Klarman (Santangel’s Review)
• Legendary Investor Is More Worried Than Ever (WSJ)
• Seth Klarman OID Interview March 2009 (PDF)
• Harvard Business School Interview with Seth Klarman
• The Oracle of Boston (The Economist)
• 1991 Barron’s Interview

Stanley Druckenmiller

• CNBC’s full interview with Stanley Druckenmiller (CNBC)

Ted Weschler (Berkshire Hathaway)

• Interview with Warren Buffett’s investment manager Ted Weschler (Business Insider)
• Warren Buffett’s money managers, Todd Combs and Ted Weschler, speak (Yahoo)
• Buffett’s three T’s (CNBC)

Todd Combs (Berkshire Hathaway)

• 10 Questions: Todd Combs (FSU/Vires Magazine)
• What it’s like working for Warren Buffett (CNBC)
• Warren Buffett’s money managers, Todd Combs and Ted Weschler, speak (Yahoo)
• Buffett’s three T’s (CNBC)
• Investors earn handsome paychecks by handling Buffett’s business (Omaha World-Herald)
• The Billionaire Whisperer Who United Bezos, Buffett and Dimon (Bloomberg)
• Read the Farewell Letter from Todd Combs’ Hedge Fund (WSJ)

Tom Russo (Gardner Russo & Gardner)

• Learning from Superinvestors: The Wisdom of Tom Russo (Latticework)

Vanguard

• How risk, reward & time are related

Warren Buffett (Berkshire Hathaway)

• The Superinvestors of Graham-and-Doddsville (pdf) (If you’ve never read this essay before, please read it. It may be the most important essay ever written in the world of investing. )
• Buffett Partnership Letters -1957-70 (PDF)
• Warren Buffett’s Letters to Berkshire Shareholders (BRK home website)
• Warren Buffett’s first tax return (PBS)
• Buffett Standford Seminar 1978 (PDF)
• Warren Buffett’s 1950s Articles in the Commercial and Financial Chronicle
• Warren Buffett’s 1962 Letter to Barron’s
• 1972 Buffett Letter to Sees Candies (PDF)
• 1999 Fortune Magazine Interview. Stock expectations and the Internet (Fortune by Carol Loomis)
• Warren Buffett on PBS NewsHour Part 1, Part 2 (PBS)
• Warren Buffett – HBO Documentary
• Warren Buffett brilliantly explains how bubbles are formed (Business Insider)
• Interview: John Templeton Warren Buffett Robert Wilson (Youtube)
• Three Lectures to Notre Dame Faculty, MBA students and undergraduates 1991 (PDF)

Walter Schloss (Walter & Edwin Schloss Associates)

• Sixty-Five Years on Wall Street (Pdf, Grant’s Interest Rate Observer via Grahamanddoddsville.net)
• Walter & Edwin Schloss Associates interview (Outstanding Investor Digest via CSinvesting)
• Benjamin Grahamand Security Analysis: A Reminiscence (Pdf va CSinvesting)
• Super Investors of Graham-and-Doddsville (PDF)
• ‘Superinvestor’ Who Earned Praise From Buffet, Dies at 95 (Bloomberg)
• Schloss – Making Money Out of Junk (PDF/Forbes)
• NYSSA Dedication to Walter Schloss (PDF)
• Warren Buffett – On Walter Schloss (PDF)
• The Hippocratic Method in Security Analysis (PDF)
• Liquidations Criteria (PDF)

Will Danoff (Fidelity Investments)

• The $108 Billion Man Who Has Beaten the Market Link 1, Link 2 (WSJ)

William N. Thorndike

• William Thorndike: “The Outsiders” (Talks at Google)
• Book: The Outsiders