Five great free value investing resources

The Calm Investor | Value Investing Resources

“In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time – none, zero.” – Charlie Munger

And so, here’s a short list of valuable value investing resources that I’ve found, offer insight into developing that mindset essential to successful investing. You’re much better off spending your time absorbing the content from resources like these than seeking out ‘Buy’ and ‘Sell’ recommendations in the pink papers.

Farnam Street

farnamstreetblog.com

Named after the street in Omaha, Nebraska where Berkshire Hathaway keeps it’s headquarters, Farnam Street is run by Shane Parrish, who apparently worked with an intelligence agency with a three-letter acronym before enrolling and almost dropping out of an MBA course because of the lack of insight into decision-making. He persevered and started this valuable site.

The best place to start on this site is the helpfully titled “Best Articles” link.

Monevator

monevator.com

Monevator is a UK-based site, run by two bloggers with slightly differing perspectives on investing as evinced by their handles; ‘The Investor’ and ‘The Accumulator’. The underlying theme of the site is to “get rich slowly” as opposed to offering “sure-shot strategies”.  Some of the content is relevant only to UK citizens but there are still tons of articles to help develop your investing personality.

Best of Monevator here

Musings on Markets – Aswath Damodaran

aswathdamodaran.blogspot.in

He’s the professor of Corporate Finance and Valuation at the NYU Stern School of Business and literally wrote the textbook: Damodaran on Valuation. His ability to break down the most complex valuation questions to arrive at a number for any company is legendary, an example, his techcrunch article on why he believes Uber is overvalued.

He posts on contemporary issues, like his latest post is about the ailing Deutsche Bank. While the companies he discusses are not necessarily of relevance to Indian investors, they provide hints on how to think about breaking down a seemingly complex task to arrive at a fair value for any business.

Jason Zweig

jasonzweig.com

Jason is a personal finance columnist with the Wall Street Journal. His articles appear in many prominent publications including Time, Money magazine. What is likely to really get your attention is that he’s the editor of the revised publication of The Intelligent Investor by Ben Graham published in 2003. His articles are similarly insightful, while staying away from financial jargon.

A compilation of his responses to the most frequent investment questions here

Michael Mauboussin

michaelmauboussin.com

A veteran of the investment management industry, Michael is the author of The Success Equation, He’s even better known for the lucid papers he writes in his role as Head of Global Financial Strategies at Credit Suisse which have been compiled into a book More Than You Know – Finding Financial Wisdom in Unconventional Places and named as “The 100 Best Business Books of All Time” by 800-CEO-READ, one of the best business books by BusinessWeek (2006) and best economics book by Strategy+Business (2006).

A link to some of his best papers is available here helpfully compiled on valuewalk.com

Bonus resource: The writings of Charlie Munger

One of the legends of the value investing world, Charlie’s work on mental models is considered path breaking and gives insight into applying different frameworks to understand pretty much anything and to apply it to investing. Problem is his book Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger is not in publication and can only be obtained at significant cost. To meet this unmet demand, a host of copy cat publications and sites using various combinations of the phrases “mental models” and almanack have sprung up. Hence I was exultant to find a resource with some of his best speeches and writings compiled here (hat tip to Indraneal twitter id @omnilogist for pointing me to this resource)

My suggestion, explore these sites, click through the various source links, immerse yourself in the insight, think about how it might apply to you, then apply and assimilate into your investment philosophy. Become a calm investor, untroubled by the noise.

What are the best resources you’ve come across? Send me a note and I’ll add them to this post here.

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