Top Book Recommendations by 10 of the best Investors of all time:

1. Warren Buffett 2. Charlie Munger

John C. Bogle changed the financial industry more than almost every other person.

He is known as the father of index investing.

He founded the Vanguard Group, which now manages $7.2 trillion.

Here are his 7 Investment Principles that made him create Index Funds: 1. Reversion to the Mean

Don’t think the past is prologue, it rarely is. Sometimes it’s anti-prologue.”

All extreme deviations from the mean will be short-term.

Over- and underperformance, eventually, they reverse to their mean.

This is Howard Marks.

He is a billionaire investor and one of the most prestigious Value Investors out there.

He founded Oaktree Capital and grew it to over $170 billion in AUM.

I read every single Memo he ever wrote.

Here are his Top 9 Investing Rules: 1. Focus on Intrinsic Value

Price only tells you what people are willing to pay, not what a company is worth.

Intelligent Investing must be based on estimates of Intrinsic Value.

The higher the intrinsic value relative to the price, the bigger the opportunity.

This is David Tepper.

He is worth over $20 billion and is the Founder and CEO of the Appaloosa Hedge Fund.

He has had tremendous returns of 20%+ annually for decades and is famous for delivering 120% returns in 2008.

Here are his Top 7 Investing Rules: 1. Stay Flexible in Your Strategy

One of Tepper’s strengths is his flexibility.

He adjusts his strategy based on changing market conditions.

Whether it's stocks, bonds, or distressed assets, he remains adaptable and is not married to one type of investment.

Here's a comprehensive Collection of 14 Investors and their Investing Strategies and Rules:

1. Charlie Munger 2. Bill Ackman

Buffett turns 94 years old today!

Instead of posting 94 quotes, let's actually learn something from him.

I've studied his most successful years ever: 1956-1966.

Here's how he invested and achieved +50% annual returns👇 1. The Biggest Mistake

The biggest mistake you can make is to invest like 94-year-old Buffett.

He is limited in his investments due to his size. You're not.

Here's how he invested when he had "only" a couple hundred thousand and turned it into billions:

How you behave in market crashes can decide over your entire investing career!

Here are some of the best investors of all time telling you what to do👇

Phil Fisher is the most influential investor that you don't know.

He's the father of "Growth at a Reasonable Price" and influenced even Buffett and Munger.

Here is his Checklist for finding great compounders early: 1. Runway

Long-term growth is a matter of runway.

Fisher focused on products that have a sizeable market and can generate revenues for years to come.

He wasn’t interested in one-off growth opportunities.

Aswath Damodaran is the ‘Dean of Valuation.’

For almost four decades, he has been teaching valuation at NYU.

He also teaches millions of people online.

Here are 7 Key Valuation Lessons from Aswath Damodaran👇🏼
(+PDF of his Class Presentation) 1. The Bermuda Triangle of Valuation

There are three things that will ruin your valuation from the get-go.

1.1 Perception of Value Beforehand:

If you have an idea of value before your valuation, you’re already biased.

Your valuation will inevitably be close to that number.

Mohnish Pabrai's book "The Dhando Investor" is excellent for investing beginners and intermediates.

Here are the 5 most important Dhando Rules👇 1. The Power of Arbitrage

"Heads, I win; Tails, I don't lose much."

That's Pabrai's famous quote. However, there's an even better option.

Arbitrage opportunities have zero downside; they are, by definition, risk-free.

The best-known example is Merger Arbitrage.

American hedge fund billionaire Bill Ackman is a big fan of self-studying investing.

"You can learn investing by reading books."

Here is the 11-Book-List that he recommends to everyone who wants to learn about Investing👇 1. Quality of Earnings by Thornton O’Glove

Earnings are one if not the most important driver of investment performance.

Thornton O'Glove does a phenomenal job of explaining how to analyze earnings and their sustainability/quality.

Jeff Bezos is one of the most successful entrepreneurs of all time. He is worth $210,000,000,000.

Since 1997, Bezos has written 24 Shareholder Letters.

They are a masterclass on entrepreneurship, investing and life.

Here are the 7 most important Concepts: 1. Stock vs. Company

"The stock is not the company, and the company is not the stock."

Bezos didn't have the regular CEO mindset. He had a value investor mindset.

Improve the fundamentals, increase value, don't bother with stock movements.

“I think I could make you 50% a year on $1 million. No, I know I could. I guarantee that." - Warren Buffett

99% of today's investors invest like 93-ear old Buffett.
Instead, they should invest like young Buffett.

I studied Buffett’s Letters from 1956-1966. Here's his strategy👇 1. Categories of Investing

Buffett used to distinguish between 3 categories of Investments.

In 1964 he decided to add a fourth one:

- Generals - Private Owner Basis
- Work-Outs
- Control Situations
- Generals - Relatively Undervalued (added in 1964)

Bill Miller is the only Investor who beat the S&P 500 for 15 consecutive(!) years.

He is a modern value investor who broke many traditional "rules."

Here is his 5-Step Investing Approach 👇 1. Low-Expectation Points

The stock price implies the future expectations for a business.

Miller’s most successful investments all started with investing at “low-expectation points.”

Ask yourself: “Is this company on track to outperform the current expectations?”

Mohnish Pabrai is a successful investor and an avid reader.

He taught himself how to invest by reading books instead of going to business school.

Here are 6 books he studied to learn Investing👇🏼 1. Damn Right! Behind the Scenes with Charlie Munger

One of the things I admire most about Munger is that he lives the life lessons he preaches.

This wonderfully written biography illuminates these lessons and get's you as close to Munger as possible.

The Joys of Compounding is a must-read for every investor out there.

But it's generally for everyone who wants to benefit from compounding in every aspect of life.

Here are my 7 favorite Learnings👇 1. To finish First, you must first Finish

Everything great in life takes time.

The best investing records are built over decades.

To build a track record over decades, you must survive the worst of times.

Instead of focusing on fast success, focus on longevity.

Warren Buffett reads up to six hours per day.

"I just sit in my office and read."

Having read thousands of books, he knows some of the best ever written.

Here's his list of must-read books👇 1. How to Win Friends & Influence People

Written by Dale Carnegie, this classic is one of the most-read titles ever.

This book aims to increase personal success.

Having more meaningful relationships, believing in yourself, and improving your conservation skills.

Michael Mauboussin recently held a fantastic speech on: How the best Investors Behave

He explained what they do differently and how we can copy their tactics.

Here’s what they do👇🏼 1. The 3 Pillars

There are three behavioral factors differentiating the great investors from the rest.

1. Overcoming Overconfidence
2. Confirmation Bias
3. IQ vs. RQ

Let me explain!

Joel Greenblatt compounded at 49% (!) from 1985 to 2005.

And the best thing, he taught a Columbia Class on how to do it.

Here are 6 Investing Gems from his Columbia Classnotes (+Free PDF)👇🏼 1. Don‘t do Portfolio Management

If you think like a portfolio manager, you cannot simultaneously behave like an owner.

But portfolio managers research stocks. Owners research businesses.

And that’s what we try to do. Research and buy businesses.

I’ve studied Howard Marks’s Memos in the years of Market Crashes.
(2000, 2008, 2020, 2022)

Here are the Key Learnings summarized in 1 to 2 tweets each👇🏼 2000 - We’re Not In 1999 Anymore, Toto

1. Cycles

One thing to always rely on is cycles.

Bulls and bears will find complex reasons why a “forever lasting” bull or bear market surprisingly ended.

But the reason is simple; nothing goes in one direction forever.

5 Movies that don't waste your time.

They carry lessons on Money, Human Nature, Motivation, and much more.

1. The Banker

An inspiring story about two of the first African-American bankers.

Based on a true story. A Masterclass on business. 2. Moneyball

This film is based on a book that's also featured on many of the investment greats lists.

It's about strategy, using data, and taking unfair bets.