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Jan 29 • 13 tweets • 8 min read
Several people asked for book recommendations.

Books that made me a better investor.

Books that inspired me.

Here are my top 10 books that made my life significantly better:
1. The Joys of Compounding

@Gautam__Baid did a great job at distilling investment and life lessons into a comprehensive guide.

amzn.to/32H1Xf5
@Gautam__Baid 2. Capital Returns: Investing Through the Capital Cycle

Best for understanding commodity and investment cycles.

amzn.to/3HfvDPs
@Gautam__Baid 3. Quality Investing: Owning the best companies for the long term

Learn the characteristics of high quality compounders with multiple case studies.

amzn.to/3IRbjEK
@Gautam__Baid 4. The Outsiders

Strongly recommended by Warren Buffett.

This book is the best in illustrating management’s most important skillset – capital allocation.

amzn.to/3raMr4w
@Gautam__Baid 5. 100 Baggers

One of those books that gave me a Eureka moment to find multi-baggers.

amzn.to/343aOs7
@Gautam__Baid 6. Influence: The Psychology of Persuasion

Robert Cialdini did such a great job with this book that Charlie Munger gifted him with 1 of $BRK A shares.

You'll learn the six principles of influence and how to become a skilled persuader.

amzn.to/3ISIWG9
@Gautam__Baid 7. Poor Charlie's Almanack

This book is a testament to the information, lessons, references and stories from Charlie Munger.

amzn.to/35ByJ2r
@Gautam__Baid 8. Atomic Habits

How a 1% improvement daily can change your life.

amzn.to/3KTqij6
@Gautam__Baid 9. How to Win Friends & Influence People

A timeless classic on networking and communicating.

amzn.to/33XpGIO
@Gautam__Baid 10. The 7 Habits of Highly Effective People

Timeless advice on working in teams, time management and communication.

amzn.to/3s4Jt0D
@Gautam__Baid That's it from me!

Let me know your book recommendations by replying below.

If you like this, follow me here @steadycompound

I write about investment concepts, business breakdowns and growth philosophies.
@Gautam__Baid If you have enjoyed this thread, you're gonna love my newsletter where I curate 3 ideas on investing and growth philosophies.

Every week.

steadycompounding.com

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More from @SteadyCompound

Thomas Chua Profile picture
Jan 29
Many analysts are reducing their price targets on growth stocks during this dip.

Yes, price action drives narrative.

But if we look at their models, the revenue growth & margins projection doesn't change.

They're still expecting the companies to execute.

So what changed?
The terminal multiple (based on earnings, sales, cash flow, EBITDA, etc) assigned to a company changed to a greater extent.

They're trying to figure out what the market is going to pay in the future.

To avoid looking silly, it won't be too far from the herd.
No matter how many certifications they have under their belt, they will guesstimate future multiples based on current market sentiments.

I still do look at analyst's reports from time to time.

To try and understand their thinking behind growth & margins.
Read 5 tweets
Thomas Chua Profile picture
Jan 25
Before, the only way to learn from investing legends was to get into Columbia Business School.

It featured greats such as Ben Graham, Joel Greenblatt & Bruce Greenwald.

Today, the internet has made education available to all for FREE!

The top 5 'lectures' by fund managers:
1. Joel Greenblatt of Gotham Capital

A playlist of Joel's lecture at Columbia.

Available for free!

Learn about valuation, special situations, case studies and options.

2. Li Lu of Himalaya Capital

Learn about what to look for in businesses and the mindset of a business owner.

Read 8 tweets
Thomas Chua Profile picture
Jan 15
If I have to name someone who taught me most about:

Risks, volatility and market cycles

It has to be Howard Marks from Oaktree Capital.

Buffett once said: "When I see memos from Howard Marks in my mail, they're the first thing I open and read."

Here are my key insights:
1. Risk Management

Investment isn't about avoiding risk altogether.

Risk-free investments will usually bring risk-free returns (mediocre).

Rather, we should think about managing risk instead using tools such as:

Diversification, rebalancing, long time horizon, etc.
2. We are our own worst enemies

Investors make most of their mistakes not because of informational or analytical factors, but because of psychological ones.

The internet has made tons of information readily to all investors.

What counts is how we react to those information.
Read 14 tweets
Thomas Chua Profile picture
Jan 14
Twilio $TWLO webinar on how to help businesses better engage customers.

Flex product demo and hearing from Standard Charter on how they use Twilio to improve customer experience (CX).

Updating my learnings in this thread as it goes along.
Customer behavior has shifted.

Engaging consumers digitally and providing that customized experience is important.

They expect the same experience regardless of the channel of contact.
70% of consumers in Asia prefer self service.

Frictionless contact becomes extremely important.
Read 17 tweets
Thomas Chua Profile picture
Jan 8
'Tony' Deden got into the investment business by accident.

Managing the monetary affairs of a family after the breadwinner dies.

Over time, one family became two, three, and more.

Knowing that his clients no longer had an income, capital preservation was key.

My key insights:
1. Respect the capital

The capital entrusted to him was a lifetime's worth of savings.

It's tough enough to protect the capital from externalities such as inflation, taxation or unforeseen events.

A fund manager can't compound the error by internal factors such as imprudence.
2. A good investment must have three components

Scarcity, permanence and independence.

These three components make investments endure the test of time.
Read 19 tweets
Thomas Chua Profile picture
Jan 5
My complete research toolkit for analyzing a stock.

Feel free to add any that I have missed out! Image
Big thanks to all those who contributed!

Updated list of research toolkit. Image
If you have found this useful, follow me here @SteadyCompound

I write about investment concepts and breakdown businesses.
Read 5 tweets

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