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[华尔街,金融投行] READING LIST [复制链接]

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发表于 7 天前 |显示全部楼层
  • Howard Marks runs Oaktree Capital and is a clear, if somewhat folksy, thinker. He writes a lot of good things on the topic of the thinking patterns of investors and understanding broad investor sentiment. His memos are fantastic, particularly Dare to Be Great and Dare to Be Great II. He also wrote a great book, The Most Important Thing.
  • Michael Mauboussin’s work, particularly The Success Equation (video of a talk he gave on this book) and More Than You Know. Mauboussin is Head of Global Financial Strategies and Credit Suisse and is also a professor at Columbia Business School. He’s particularly an expert in the topic of statistics in finance and is one of the deepest thinkers on this topic. Here’s a compilation of a bunch of his essays and work.
  • Seth Klarman’s Margin of Safety.
  • The Black Swan and Antifragile - Taleb is kind of annoying, but his central theses are really quite compelling, not obvious, and very important concepts when thinking about technology, risk and investing.
  • Principles - From Ray Dalio, the founder of Bridgewater. One of the first people to really think deeply about algorithmic investing and a very deep thinker in the realm of organization building.
  • Berkshire Hathaway Annual Letters  - Within the letters is the whole story of how Warren Buffett started with a couple of failing textile companies and went on to build one of the largest most impactful companies in history.  The essays through 2013 were re-factored and re-packaged into a very readable book by Lawrence Cunningham, The Essays of Warren Buffet. This is possibly a more useful framing as it’s organized more topically rather than chronologically (pdf version).
  • The Everything Store - The Amazon/Jeff Bezos story. Also, his 2015 letter to shareholders that includes some important thinking on Type 1 vs. Type 2 decisions.

  • Clayton Christensen's Innovator's Dilemma and Solution. These are standard books, also very important.
  • The Outsiders  - Recommended from Sakya. The story of some of eight unconventional CEOs and how they created massive success. These stories are very different from Silicon Valley lore and help contextualize what’s going on here in contrast with the success of previous eras. In addition, I think this is important because the vision that Chamath articulates about not-being-a-VC sounds very out of left-field to people who only look at tech. But it’s not so crazy when you compare it to the full life cycle of some of these great companies that were not focused on a single product or business line but rather pursued a broader platform strategy, whether initiated through financial necessity (ala early berkshire) or through the explicit vision of the founders (ala john malone).
  • Superforecasting  - Forecasting is an implicit thing that all investors do. This is the story of a systematic search for the best forecasters in the world and what we can learn from their practices.
  • The Signal and The Noise by Nate Silver. Everyone’s favorite statistician. Talks about the act of prediction and many interesting case studies.
  • Fault Lines - One of the best short/medium-length primers on the financial crisis. Provides a good way to learn the structure of financial institutions and how they fit together.
  • Outliers - Malcolm Gladwell. YMMV.
  • Mindset - The psychology of success.
  • Zero to One - Peter Thiel’s books is very good
  • Good to Great - Results of some quasi-research on what makes companies great. Mostly management/strategic decision making case studies.
  • Power of Habit
  • Buffett Partnership Letters (pre-Berkshire Hathaway)  - Buffett’s original partnership which was dissolved after a decade of strong performance and led to the founding of Berkshire Hathaway (1957-1969). Notable paragraph (March 1969): “Documenting one's boners is unpleasant business. I find "selective reporting" even more distasteful. Our poor experience this year is 100% my fault. It did not reflect bad luck, but rather an improper assessment of a very fast-developing governmental trend. Paradoxically, I have long believed the government should have been doing (in terms of the problem attacked – not necessarily the means utilized) what it finally did - in other words, on an overall basis, I believe the general goal of the activity which has cost us substantial money is socially desirable and have so preached for some time. Nevertheless, I didn't think it would happen. I never believe in mixing what I think should happen (socially) with what I think will happen in making decisions - in this case, we would be some millions better off if I had.”
  • The Outsiders  - Recommended from Sakya. The story of eight unconventional CEOs and how they created massive success. These stories are very different from Silicon Valley lore and help contextualize what’s going on here in contrast with the success of previous eras. In addition, I think this is important because the vision that Chamath articulates about not-being-a-VC sounds very out of left-field to people who only look at tech. But it’s not so crazy when you compare it to the full life cycle of some of these great companies that were not focused on a single product or business line but rather pursued a broader platform strategy, whether initiated through financial necessity (ala early berkshire) or through the explicit vision of the founders (ala john malone).
  • Financial Statement Analysis  - Chris Ramesh recommended this to me when I asked about how to learn about core finance. Ping us for a pdf if you’re interested. Useful for those of us from non-finance backgrounds.
  • Bill Gurley on market size estimation in regards to Uber’s valuation in mid-2014  - A reminder that we should take multiple views on market size as naive market sizing can be dramatically wrong.
  • Jeff Bezos at the annual Code Conference in 2016. He talks on a variety of topics ranging from when companies ought to quit projects, to freedom of speech, to the future of AI and Voice recognition. Aligns well to how Social Capital also thinks about the world.
  • The Righteous Mind - A rundown on the state of understanding in moral psychology. Possibly the most compelling work on the moral biases in human thought and how they affect our decision making.
  • The Rise and Fall of American Growth  - Robert Gordon’s opus on American economic history between 1870 to the present. Gordon is one of the foremost thinkers on “secular stagnation” and gives the sweep of the twin growth of technology and the American consumer economy. Some people like Carlota Perez’s book, but this book is head-and-shoulders better.
  • The Origins of Political Order  - Francis Fukuyama’s tour de-force on the history of how humans organize themselves into society from prehistoric times up to the French Revolution. There is a sequel that covers from the French Revolution to the present. This has nothing to do with investing per-se, but is a masterful work on seeing long term phenomena as separate from the specific short term details that tend to bog us down.
  • Lee Kuan Yew - The first prime minister of Singapore. Some very deep thoughts about society, history, politics, economics, etc.
  • Behind the Cloud - The story of Salesforce.com. This book is rather poorly written and un-entertaining. However, it’s useful to know the story of Salesforce through Benioff’s eyes.


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