Thursday, 2 June 2011

Seth Klarman of the Baupost Group - his top investment books

When I put my top investment books on this webpage (see lh margin) the choices inevitably reflected the style of investment I use myself. The books which enhanced that style rise to the top of the list, as well as those that are well written or well structured.

Similarly, looking at Seth Klarman's recommended reading list (given at the CFA conference last year), the choices reflect his value based style of investment:

Benjamin Graham's "The Intelligent Investor"

Joel Greenblatt's "You Can Be A Stock Market Genius"

Martin Whitman's "The Aggressive Conservative Investor"

Michael Lewis' "Moneyball: The Art of Winning an Unfair Game"

Andrew Ross Sorkin’s "Too Big to Fail"

Klarman also recommends the work of a couple of authors:  Jim Grant and Roger Lowenstein.

You will know Jim Grant from Grant’s Interest Rate Observer. So you probably know how well he writes. His book titles are: "Bernard M. Baruch: "The Adventures of a Wall Street Legend" (Simon & Schuster, 1983), "Money of the Mind" (Farrar, Straus & Giroux, 1992), "Minding Mr. Market" (Farrar, Straus & Giroux, 1993), "The Trouble with Prosperity" (Times Books, 1996) and "Mr. Market Miscalculates" (Axios Press, 2008).  

Roger Lowenstein I know best from his book on LTCM. These are some of his titles: "Buffett: The Making of an American Capitalist" (Random House,1995),  "When Genius Failed: The Rise and Fall of Long-Term Capital Management" (Random House 2000), "Origins of the Crash: The Great Bubble and Its Undoing" (Penguin Press, 2004), "The End of Wall Street" (Penguin Press, 2010).

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