Books

The Interesting Story of the Founding of the Fed

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Roger Lowenstein wrote the first in-depth biography of Buffett in 1995 called The Making of an American Capitalist, an outstanding account that spans from Buffett’s early days in his partnership to the prime years of Berkshire’s growth. Lowenstein also wrote a book I like even better – one of my all-time favorite business books: When Genius Failed, which was the story of the LTCM collapse. There are lots of great lessons for investors to take away from that story, and […]

Books

The Behavior of Stock Market Manias

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I’ve heard more and more commentary/concern about the level of the overall market lately. With the market relentlessly marching to new all-time highs just about every day, I’ve even begun to hear the word “bubble” being used. While I certainly don’t think the market overall is cheap, and while I certainly believe it’s very possible that a bear market could occur at any time, we are definitely not in a bubble. Anyone who thinks that the current market is reaching […]

Books

David Einhorn and Reasons Why Widely Followed Stocks Get Mispriced

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Over the weekend I was reading David Einhorn’s book Fooling Some of the People All of the Time. I’ve had it on my bookshelf for some time, and it has always taken a back seat to other books until I decided to pick it up recently. It’s an entertaining read, basically recounting his short thesis on Allied Capital in great detail. It is a good book because it provides a glimpse into the significant amount of research and due diligence […]

Books

How Warren Buffett Thinks About Risk

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“Rule #1: Don’t Lose Money….” The best book I’ve ever read on Buffett is Alice Schroeder’s Snowball. I remember picking up my copy about four years ago and literally not being able to put it down. I read it for hours at a time, all the while marking pages and circling things… and I often reference certain parts of the book when thinking about investments. The book goes much deeper into Buffett’s thought process than most of the other Buffett […]