A must read for anyone considering actively managing their own investment portfolio. Out and out the best book I've ever read on investing. I highly rA must read for anyone considering actively managing their own investment portfolio. Out and out the best book I've ever read on investing. I highly recommend this version with forward by Warren Buffet and commentary at the end of each chapter by Jason Zweig. Zweig artfully ties Graham's principals to recent events and defends value investing in modern times.
Graham's central thesis is as follows:
An investors main goal should be to not LOSE money; To do this one must understand the distinction between 'investing' and 'speculating' and avoid the latter. Most so-called investors including a large proportion of professional fund managers are, on closer inspection, speculators who invest with little knowledge of fundamental value and a slim-to-negative margin of safety.
Unfortunately, those trying to get rich quick without paying heed to fundamentals lose over the long term as major losses wipe out short term gains. Graham introduces a few basic filters and analytical methods to assist in picking safe "value" stocks which should help the investor to avoid big losses and generate superior returns.
Throughout the book, Graham explains where most investors go wrong and with what forms of temptation one must continually deal. Indeed he does this at such great length that some might find the book boring and long-winded. However, in my opinion it is time well spent as the ability to maintain process discipline is the biggest differentiator between investors over the long term. Maybe I'm more interested than most, but for me, it was a page turner. ...more
One of my favourite books of all time. Muir is a tour de force. His casual easy-going writing style and his zest for life and all things natural are cOne of my favourite books of all time. Muir is a tour de force. His casual easy-going writing style and his zest for life and all things natural are captivating in and of themselves but the true value of this book is the close-up view it provides of Muir's humble beginnings and unlikely rise to prominence. He faced considerably more obstacles than most of us, being pulled out of school early to work on the family farm for an ungrateful father and heading out into the world with virtually no money, family connections or education. All he took with him were a few weird and wonderful inventions created in isolation in his basement during the early hours of the morning (before heading out into the fields each day). Despite his family's harsh predictions, these inventions were surprisingly well received by the outside world and a truly astounding life path ensued.
Reading this book one gets the sense Muir could have easily succeeded in any field of his choosing (he even ran a successful factory for a period). Fortunately for us however, this is not the biography of a businessman, politician or even philosopher. Muir's love of nature, dislike of materialism and fierce independence combine to create a much more interesting and remarkable character than we are commonly exposed to in the public realm. Indeed, Muir is one of the all-time American greats on par with Benjamin Franklin and Thomas Jefferson. I can highly recommend that you read this book....more
Much has been said about this book so I don't feel the need to write my own review, but if you haven't read it yet, I recommend you move it to the topMuch has been said about this book so I don't feel the need to write my own review, but if you haven't read it yet, I recommend you move it to the top of your reading list. A remarkable account about the modern food system and why you should care about where your food comes from....more
An inspirational book providing the history, philosophy and business principles behind Yvon Chouinard's creation and development of Black Diamond andAn inspirational book providing the history, philosophy and business principles behind Yvon Chouinard's creation and development of Black Diamond and Patagonia. Chouinard is stubborn, hard-headed, and even arrogant at times, but the thrust of the book is powerful and slick. Under his guidance, Patagonia has become an icon for sustainable manufacturing, environmental protection and employee well-being. The title "Let my people go surfing" refers to a Patagonia tradition that when the surf's up (or snow is dumping) all employees are encouraged to drop their work and go take full advantage. The company also encourages employees to bring their pets and children to work and has its own organic vegetable garden out back supplying lunch. (Our friend working at Patagonia verifies that this is all fairly accurate.) Not bad for a mid-sized company in a supposedly cut-throat industry. I don't agree with all of Chouinard's principals (e.g. aggressively limiting growth for environmental reasons) but I found his approach defensible and forward thinking. This is a book I'll want on my coffee table one day! ...more
An excellent account of the adventures of Alexander Supertramp. Krakauer is the perfect narrator given his similar disposition to Chris McCandless andAn excellent account of the adventures of Alexander Supertramp. Krakauer is the perfect narrator given his similar disposition to Chris McCandless and his own youthful misadventures. Just a pity Chris never got to write his own book.
If you enjoyed the movie, you'll get a lot out of this book. The documentary approach is very different to that of the movie and both stand on the own merits....more