With the holiday season upon us, now is the perfect time to select meaningful gifts for friends, family, and colleagues. Rather than buying gifts which are destined to gather dust or end up “re-gifted” to others, consider purchasing a great book matching the interests of the recipient. In this first annual gift guide for value investors, ten books have been selected which are certain to captivate the attention of anyone interested in the field of investing. Some choices will be familiar while others may be unexpected. Happy Holidays!
In this gift guide for investors, originally published for the 2009 holiday season, ten books have been selected which are certain to capture the attention of anyone interested in the field of investing. Some choices will be familiar while others
The blogosphere and bookshelves everywhere are full of prescriptions for how to succeed in various endeavors. When it comes to business and investing, there is much useful information available along with a fair amount of nonsense. Unfortunately, most guides for success in business and investing are almost certain to fail for those who do not have the necessary life experiences to leverage the knowledge. In addition, sometimes, it is easier to have a guide for what to avoid. Read this article for more details.
Shortly after 8:30 am this morning, cable news networks and web sites quickly reported the government’s initial estimate of 3.5% growth in Gross Domestic Product (GDP) for the third quarter of 2009. In terms of depth of reporting, most of these news stories on macroeconomic developments are similar to stories regarding company earnings. If your only source of information are the “headline numbers”, you will be left with a stream of data that is a mile wide and an inch deep. Read this article for more details on Q3 2009 GDP numbers.
Business Wire has posted an exclusive series of interviews with Warren Buffett. Business Wire’s CEO Cathy Tamraz personally interviewed Mr. Buffett on a variety of topics including prospects for economic recovery in the years to come. Business Wire is a subsidiary of Berkshire Hathaway. The interview was posted today but recorded on September 16. Click on this link for a press release containing a summary of the interview. Read this article for more information.
The Wall Street Journal has reported that certain debt issuers, including Heineken N.V. and Credit Suisse Group, have been able to sell bonds without obtaining traditional credit ratings on the securities: While small in scope so far, the deals indicate
I am pleased to announce that The Rational Walk will be publishing selected articles on an exclusive basis with GuruFocus.com. GuruFocus is a value investing oriented web site devoted to following the track records of investing “gurus” such as Warren Buffett, Edward Lampert, Michael Price, George Soros, and many others. Read this article for more details.
In the Fortune magazine interview shown below, Goldman Sachs CEO Lloyd Blankfein provides his insights on the overall economy, prospects for job growth, and the controversy surrounding his firm’s compensation practices. Read this article for some background information and to view the video.
Like many American investors, I have been trying to expand my circle of competence to the point where I can evaluate and potentially participate in opportunities in China. The growth patterns in China have been widely reported and there may be elements of hype associated with some Chinese investment strategies. However, the importance of the Chinese economy over the next century simply cannot be ignored. Read this article for more information.
Charlie Munger was interviewed by the BBC and comments on a variety of topics. As always, Mr. Munger pulls few punches when it comes to providing his candid assessment on investing, economics, politics, and all varieties of “human follies”. Read this article for more information and a link to the BBC Video.
In an extensive interview with the BBC, Bill Gates provides some insight regarding his relationship with Warren Buffett. Among other details, we learn more about Mr. Buffett’s computer skills, management style, and views on philanthropy. Read this article for more details and a link to the video.
David Sokol appeared on CNBC this morning and commented on a variety of topics. In addition to his responsibilities as Chairman of MidAmerican Energy, Mr. Sokol recently assumed the Chairman and CEO positions at NetJets. It appears that Mr. Sokol is not only taking on more operational responsibilities at Berkshire Hathaway subsidiaries but is also appearing in public more often and commenting on a wider range of topics. Read the article for more details and to view the video.
Barron’s published an interesting article this weekend by Jonathan A. Knee, director of the Media Program at Columbia Business School and co-author of The Curse of the Mogul. (Note: Mr. Knee’s co-author for the book is Bruce Greenwald who has been discussed in the past.) Mr. Knee’s article pertains directly to an topic that appeared here in May regarding newspapers and “creative destruction”. Read this article for more details.
San Jose, California, September 24, 1998. Just another routine day at the office in a suburban office park in the Silicon Valley was interrupted by loud sounds of a celebration coming from the common hallway serving several companies in the building. Was this a birthday party getting out of control, or some other disturbance? Actually, it was the day of eBay’s initial public offering. At the time, I was working as a software engineer for another company operating in the same office park and witnessed some of the festivities. Based on the initial spike in the stock price, it was easy to see why some of the early employees were celebrating. Read the article for more details…
The Economist interviewed Stephen Roach, Chairman of Morgan Stanley Asia. In the interview, Mr. Roach comments on the need for China to increase domestic consumption which is a step that many have recommended in recent years. In order to accomplish this goal, Mr. Roach believes that the Chinese people need to have more confidence in their overall level of security when it comes to unemployment, pensions, and health care. The interview also covers lessons learned from Japan’s long downturn and prospects for India’s economy over the next several years.
Downside Protection Report has provided actionable information that I have used on several occasions over the past six months. One example involves a developer and operator of commercial real estate that was under pressure due to well publicized problems at a subsidiary that obscured the intrinsic value of the core business. Another example identified a low cost producer of natural gas trading at a significant discount to intrinsic value with proven reserves that exceeded the company’s market capitalization even at depressed gas prices. Read this article for more details.
The Financial Times Lex Column reports that the combined ratio of American reinsurers through the first three quarters of 2009 averaged about 94 percent. The combined ratio is the sum of the claims ratio and the loss ratio and essentially compares the premiums received during a given year to the claims experience as well as all operating expenses. A combined ratio less than 100 indicates that a company generated underwriting profits while a ratio above 100 indicates an underwriting loss. Read this article for more details.
Warren Buffett’s approach to philanthropy has been unconventional. Rather than establishing the infrastructure required to administer a foundation bearing his own name, the majority of Mr. Buffett’s wealth has been given to The Bill and Melinda Gates Foundation. Many super-rich individuals set up foundations that will exist in perpetuity, but Mr. Buffett’s instructions call for using his donations soon after they are made.
