My Learnings In Investment Journey

Your future is decided by the books you read and people you associate with - Unknown

@VenkateshJayar2

Readings in my Investment Journey - Venkatesh Jayaraman

Disclaimer • The following resources are mentioned in this presentation: o Resources that I used in my investment journey so far o Resources that I am using currently and planning in near future

• I am not affiliated to any book distribution partners or channels. I do not get any commission from anyone for the books and other resources listed in this presentation. • I have made best efforts to ensure accuracy of contents in this presentation. However, errors could creep in beyond my best effort. • I shall in no way be responsible to any one (directly or indirectly) for any kind of loss that might arise from use/sharing of information from this presentation.

This is a evolving content and will be updated and shared on a regular basis @VenkateshJayar2

To Start With Why am I sharing this?

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Many had asked in the past, as to what l I read in my investment journey or which is a right point/content for them to start with. When I read… I did it in a haphazard manner, only to find later that I should have read the foundation book or subject before. Based on my learnings, I have classified the resources under different categories and structured sequentially. This will help investors to pick the topics one after the other with continuity. o o

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This is not a hard classification. There could be overlap of resources between categories.

One mistake which I did and wish you all to avoid is…Make notes as you read. The benefits can be seen in future. I properly did not take notes of my readings in the past. Thus, I am not able to recollect what and where I read in the past. I have ended up re-reading them again by taking notes or underlining in the books itself.

I thank Mr. Gautam Baid (@Gautam__Baid) for taking time to suggest changes, additional resources and sharing his reading list @VenkateshJayar2

Topics in the Presentation PERSONAL FINANCE

FINANCE STATEMENT ANALYSIS ACCOUNTING FORENSICS VALUE INVESTING LITTLE BOOK SERIES INDIAN REALITY INDUSTRY STUDY BEHAVIORAL FINANCE @VenkateshJayar2

Personal Finance

@VenkateshJayar2

Personal Finance Personal Finance is basic financial education/knowledge which is a must for everyone must have before investing. Ideally one must have a thorough knowledge on personal finance, by the time they get their first salary or atleast before starting to invest. The following must be covered, but not limited to: • Insurance - Insure your life, health, family and assets. • Retirement – You can get car loan, house loan, personal loan etc. But no one will ever give you a retirement loan. So plan well for your retirement. • Financial planning for short term and long term goals. • Taxation and how to benefit from different saving schemes.

Will roll out a separate presentation on Personal Finance in a few weeks time covering all these aspects.

• Emergency Fund – Life is full of uncertainty. A emergency fund saves your skin then. • Succession Planning – No one knows when fate will over take us. Plan for a smooth transition to your successor. Nominate beneficiaries in all you savings and investment instruments. The following two slides will help you with in-depth knowledge of Personal Finance @VenkateshJayar2

Personal Finance Title

Author

Rich Dad Poor Dad / Retire Young Retire Rich / The Unfair Advantage *

Robert Kiyosaki

Retire Early, Retire Rich

SG Raja Sekharan

The Richest Man in Babylon

George Samuel Clason

The Millionaire next Door

Thomas J. Stanley

* Robert Kiyosaki, has authored a series of books on Personal Finance. Refer the internet search for a complete list of all books. The above includes, only the ones that I read.

Blog URL

Blog Name / Owner

https://www.safalniveshak.com/

Vishal Khandelwal

https://www.stableinvestor.com/

Dev Ashish

https://ofdollarsanddata.com/

Of Dollars and Data

Mr. Vishal Khandelwal covers a wide range of topics on stock investing, Behavioral finance, value investing etc. There are resources on Personal Finance as well.

@VenkateshJayar2

Personal Finance (Contd.) Title

Author

https://www.basunivesh.com/

Basavaraj Tonagatti

https://www.jagoinvestor.com/

Manish Chauhan / Nandish Desai

http://flame.org.in/knowledgecenter.aspx

FLAME *

* A exhaustive personal finance website, covering all aspects of Personal Finance. The contents are very exhaustive and would need to re-refer frequently. Bookmark this page for r Money Hangouts by Dhirendra Kumar/Value Research – Covers all dimensions of Personal Finance

@VenkateshJayar2

Financial Statement Analysis @VenkateshJayar2

Basic Financial Statement Analysis Financial statement is like a window to see that happens in a company. Accounting is the language for business. But not many would be able to read financial statements and interpret the message they convey. The below books are good to start: Title

Author

Financial Intelligence

Kerman Berman

Financial Statement Analysis Workbook

Martin S. Fridson

Financial Ratios for Executives

Michael Rist

How to Read a Balance Sheet

John A Tracy

Quality of Earnings

Hewitt Heiserman

Investopedia - https://www.investopedia.com/ This is a one stop solution for learnings about financial ratios. One can search a ratio or financial parameter of interest here. The explanation is well illustrated with videos and examples in many cases. Read one ratio a day, and in less than two months, one will be able to read the financial statements comfortably. @VenkateshJayar2

Basic Financial Statement Analysis (Contd.) Tim Bennett Tutorials • Moneyweek Channel • Killik Finance Channel – Close to 200+ videos discussing about Financial Statements and stock market basics. Preston Pysh Tutorials - Stock Investing Like Warren Buffett. There are three levels Basics

Intermediate

Advanced

Aswath Damodaran on Investing Philosophies

Investopedia’s YouTube Channel

@VenkateshJayar2

Advanced Financial Statement Analysis Title

Author

Financial Statement Analysis and Security Valuation

Stephen H. Penman

Accounting for Value

Stephen H. Penman

Advanced Financial Statement Analysis by David Harper

MORE WILL BE ADDED IN NEXT VERSION

@VenkateshJayar2

Accounting Forensics

@VenkateshJayar2

Accounting Forensics Many would argue, how to believe the numbers in the Financial Statements. How good are the numbers? Accounting Forensics is a specialty practice area of accounting that focuses on uncovering financial fraud. A few books that could be handy to investors: Title

Author

The Financial Numbers Game

Charles W. Mulford

Creative Cash Flow Accounting

Charles W. Mulford

Financial Shenanigans

Howard Schilit

Using Analytics to Detect Possible Fraud

Pamela S. Mantone

Quality of Earnings

Thornton L. O'glove

Though many of the Techniques would be useful for investigators to identify fraud and initiate legal proceedings… These are equally helpful for Investors as well to identify, if the books of the company they invest is clean. Long term investing would be successful only if the managements and the numbers shared by them are clean! @VenkateshJayar2

Value Investing • • • •

Benjamin Graham Warren Buffet Fisher Series Investors and Fund Managers

@VenkateshJayar2

Benjamin Graham The seeds of today’s wisdom in investing was sowed by Mr. Benjamin Graham nearly a century ago. It is a good idea to start reading his books first, before reading other books on investing. He is the founding Father...Below a few books authored by him/written on him. Title

Author

Security Analysis

Benjamin Graham

Intelligent Investor

Benjamin Graham

The Interpretation of Financial Statements

Benjamin Graham

Benjamin Graham and the power of Growth stocks

Frederick K. Martin

Building a Profession *

Jason Zweig

* A collection of essays and writings by Benjamin Graham

“There are three books in my overflowing library that I particularly treasure, each of them written more than 50 years ago. All, though, would still be of enormous value to me if I were to read them today for the first time; their wisdom endures though their pages fade. They are the first editions of The Wealth of Nations (1776), by Adam Smith, The Intelligent Investor (1949), by Benjamin Graham and third is an original copy of the Graham and Dodd’s book on Security Analysis.” - Warren Buffet

@VenkateshJayar2

Warren Buffet Warren Buffett himself has not authored any books. However, there are numerous books written on Buffett and his investment strategies. Below a small list: Title

Author

Warren Buffett way of interpreting Financial Statement

Mary Buffett

Buffettology

Mary Buffett

The New Buffettology

Mary Buffett

The Tao of Buffett

Mary Buffett

Buffett Beyond Value

Prem C. Jain

The Warren Buffett Way

Robert Hagstrom

Warren Buffett Portfolio

Robert Hagstrom

Buffett: The Making of an American Capitalist

Roger Lowenstein

The Snowball: Warren Buffett and the Business of Life

Alice Schroeder

Buffett and Beyond

J. B Farwell

Note: The list by Mary Buffett is not complete. Includes only the ones, that I have read. A complete list of books authored by Mary Buffett can be seen at http://www.marybuffett. com/books/

@VenkateshJayar2

Warren Buffet Though Warren Buffett not written any book by himself, he has shared his wisdom through his Partnership Letters, Berkshire Annual Reports and Annual meetings. A few resources on the same: Title Berkshire Annual Reports

URL http://www.berkshirehathaway.com/reports.html

Berkshire Partnership Letters https://www.pragcap.com/warren-buffettpartnership-letters/

Author Warren Buffet Warren Buffet

Transcript of Berkshire Annual Meetings (1994 – 2018)

https://www.dropbox.com/sh/k42z9zlsdd0ahpm/A Compiler ACIUMpoS8nDiMMaOPYSKSGGa?dl=0 Unknown

Notes of Berkshire Annual Meetings (2007 – 2017)

http://www.hendershotinvestments.com/berkshir e-hathaway-annual-meeting-notes

Ingrid Hendershot, CFA

Buffett FAQ

http://buffettfaq.com/

Nick Webb

@VenkateshJayar2

Fisher Series Philip Fisher could be considered a pioneer in the field of growth investing. Philip Fisher and his son Kenneth Fisher had shared their wisdom in their books listed below: Title

Author

Common Stocks and Uncommon Profits

Philip Fisher

Conservative Investors Sleep Well

Philip Fisher

Paths to Wealth through Common Stocks

Philip Fisher

Developing an Investment Philosophy

Philip Fisher

Super Stocks

Kenneth Fisher

Beat the crowd

Kenneth Fisher

How to smell a rat

Kenneth Fisher

In Buffett’s own words. – “I am 15% Fisher* and 85% Benjamin Graham.” * Buffett refers to Philip Fisher

@VenkateshJayar2

Investors and Fund Managers Investing has evolved over the years. Many famous Investors, Gurus and Fund managers have developed their own philosophy and strategy. They have been generous to share their ideas and wisdom through their books. A few of the books below: Title

Author

Elements of Investing

Burton Malkiel / Charles D Ellis

Getting started with Value Investing

Charles S. Mizrahi

The Most Important Thing

Howard Marks

Applied Value Investing

Joseph Calandro

Investment Checklist

Michael Shearn

Lessons from Legends of Wall Street

Nikki Ross

One up the Wall Street

Peter Lynch

Beating the Street

Peter Lynch

The Business of Value Investing

Sham M. Gad @VenkateshJayar2

Investors and Fund Managers (Contd.) Title

Author

Margin of Safety

Seth Klarman

Dhandho Investor

Mohnish Pabrai

The Education of a Value Investor

Guy Spier

The Great Minds of Investing

William Green

There are many more books that a investor can identify by searching the internet. This list shall however be a good one to start. “The Greatest Investors” 22 part article by Investopedia Articles and writings by William Green

@VenkateshJayar2

Investors and Fund Managers (Contd.) Blog URL

Blogs with wealth of wisdom and knowledge from famous investors and Fund mangers.

Blog Name / Owner

http://aswathdamodaran.blogspot.com/

Aswath Damodaran

https://microcapclub.com/blog/

Iam Cassel

http://www.chaiwithpabrai.com/

Mohnish Pabrai

http://www.collaborativefund.com/blog/

Morgan Housel

http://jimoshaughnessy.tumblr.com/

Jim O’Shaughnessy

http://basehitinvesting.com

John Huber

http://mastersinvest.com/newblog/

John Garret

https://www.gurufocus.com/

Gurufocus

https://acquirersmultiple.com/blog/

Tobias Carlisle

https://www.oldschoolvalue.com/

Jae Jun

Howard Marks memos; It is said that Warren Buffett read it first whenever his memos are released. MastersInvest by John Garret. It is a treasure trove for Investors. ValueWalk; This site has lot of articles on investing, business and technology. @VenkateshJayar2

Investors and Fund Managers (Contd.) Investors at Google, A Youtube Channel with 35+ videos with talks by famous investors and fund managers

Stig Broderson channel on “We Study Billionaires”

Gurufocus channel by Charlie Guru. Educational videos of investing style by different fund managers/investors.

5GQ by Jacob Taylor. Famous investors answer for questions on investeing.

@VenkateshJayar2

Little Book Series

@VenkateshJayar2

Little Book Series These little book series are quick read that can be read over the weekends or during travel! These books are simple enough for easy understanding by new investors who are starting their journey. Title

Author

The Little book on Valuation

Aswath Damodaran

The Little book of Bullet proof investing

Ben Stein

The Little book of Behavioral Investing

James Montier

The Little book of Safe Money

Jason Zweig

The Little book that still beats the market

Joel Greenblatt

The Little book of common sense investing

John Bogle

The Little book that builds Wealth

Pat Dorsey

The Little book of Sideways Market

Vitaliy Katsenelson

Note: The above is not a exhaustive list, but covers only the ones that I have read. A complete list of the “Little Book” series is available in the above books introduction/cover page. @VenkateshJayar2

Indian Reality @VenkateshJayar2

Indian Reality The books/resources mentioned so far talks about basis of investment, ideas and strategies of famous investors…But one cannot find a connect with Indian context. The below books are authored by Indian Investors / Fund Managers: Title

Author

The Thoughtful Investor

Basant Maheshwari

Value Investing and Behavioral Finance

Parag Parikh

Stocks to riches

Parag Parikh

Gurus of Chaos

Saurabh Mukherjea

Unusual Billionaires

Saurabh Mukherjea

The Coffee Can Portfolio

Saurabh Mukherjea

Retire Early, Retire Rich

SG Raja Sekharan

Investing Perspectives

Dhirendra Kumar / Value Research

One can find connection to Indian stock market history, strategies and themes in Indian context. @VenkateshJayar2

Indian Reality (Contd.) Blogs with wealth of wisdom and knowledge from famous investors and Fund mangers. Blog URL

Blog Name / Owner

https://www.safalniveshak.com/

Vishal Khandelwal*

https://www.stableinvestor.com/

Dev Ashish

http://valueinvestorindia.blogspot.com/

Rohit Chauhan

https://janav.wordpress.com/

Jana Vembunarayanan

https://wisewealthadvisors.com/

D. Muthu Krishnan

https://fundooprofessor.wordpress.com https://www.sanjaybakshi.net/media/

Sanjay Bakshi

http://www.get-rich-and-retire-early.com/

SG Rajasekharan

http://www.valuepickr.com/

Donald / Ayush

* The Website by Mr. Vishal Khandelwal would be useful for all level of investors. The contents ranges from investing, behavioral finance, interviews of famous investors, educational articles and many more. @VenkateshJayar2

Indian Reality (Contd.) Motilal Oswal Wealth Creation Studies Every year, a theme is picked and discussed. These themes are valuable to Individual Investors in their Investment Journey. These are a must to read to gain insights that help in our Investment Philosophy. Videos of these Wealth Creation Studies are also available in YouTube. Value Picker Apart from their regular blog, there are lot of educational content, management & stock discussions.

@VenkateshJayar2

Industry Study

@VenkateshJayar2

Industry Study • Annual Report of different companies in the same Industry. Companies discuss about the industry in which the operate. This gives insights to investors about the industry. • Investor Presentation by companies. These are released on quarterly or yearly basis. • Initiating coverage reports by brokerage houses.

CARE Ratings YouTube Channel – There are many videos on different industries. One can search for their industry of interest. PPFAS YouTube Channel – Insights into different industries by Mr. Raunak Onkar and Mr. Rajeev Thakkar

@VenkateshJayar2

Behavioral Finance @VenkateshJayar2

Behavioral Finance It is said that Investment success is 10% Effort and 90% Behavior of ours. Minding our own behavior is very important. A few books on the same:

Title

Author

Value Investing and Behavioral Finance

Parag Parikh

Think Fast, Think Slow

Daniel Kahneman

Nudge

Richard H. Thaler

Predictably Irrational

Dan Ariely

Videos of mental models by Chetan Parikh https://capitalideasonline.com/wordpress/mental-models/ Behavioral Finance 12 part article by Investopedia Latticework of Mental Models by Anshul Khare

@VenkateshJayar2

Useful Twitter Handles Many investment related books are recommended regularly in these two Twitter accounts Investment Books

Investbooks

@Invest_Books

@investbooks

Mr. Gautam Baid @Gautam__Baid

Mr. Gautam Baid shares much of his wisdom and knowledge in his Twitter Handle. His Book Shelf – Thank him for sharing the same.

@VenkateshJayar2

Good Luck in your reading & Investment Journey Please visit my landing page https://www.linkedin.com/pulse/my-notes-compilationvalue-investing-venkatesh-jayaraman/ for more such presentations, notes and compilations on topics related to Personal finance and Value Investing.

@VenkateshJayar2