Bill Ackman Manages Over $11 Billion in Assets.

With a 17% average return since inception.

And a 70% return in 2020!

He makes all of his Analysts read these 11 books: 1/

Essays In Existentialism

By Jean-Paul Sartre

"You read it and it's either an epiphany and it affects the way you live your life, or it's of no interest to you."

- Bill Ackman

The Efficient Market Hypothesis is one of the most popular ideas in finance.

It’s also one of the most misleading.

Here’s why. First, what is the Efficient Market Hypothesis (EMH)?

It’s the idea that:

Stock prices always reflect all available information.

In other words - you can’t beat the market.

Warren Buffett doesn’t read annual reports like the rest of us.

He scans them quickly, filters out fluff, and focuses on what actually matters.

Here’s his 7-step process — built from his own words and decades of practice 👇
📌 Bookmark this. 🧰 Start with the Right Tools

Buffett keeps it simple:
• Last 10-K (or AR)
• Highlighter
• Calculator

"I read hundreds of annual reports every year... not to predict but to understand."
— Buffett, 2007 Letter

Want to make faster, smarter decisions?

Charlie Munger used a system to think better than 99.9% of people alive.

Warren Buffett called him “the best 30-second mind in the world.”

That system? Mental Models.

Here are 21 you can use today: The world is complex.

Mental Models simplify it.

Munger collected dozens to avoid mistakes and spot opportunities.

In 1976, Benjamin Graham published an article with a bold title:

"The Simplest Way to Select Bargain Stocks."

Inside, he revealed a formula most investors have never heard of.

It’s simple.

And backtests show it could return 15%+ per year — before dividends.👇 Rule 1:

The maximum P/E you should pay for a stock is the inverse of 2 times the current AAA corporate bond yield.

To get this divide 100 by double the AAA corporate bond.

Charlie Munger on picking stocks that outperform:

He focuses on ONE key metric (hint: it's NOT valuation).

From his legendary speech: 'A Lesson on Elementary, Worldly Wisdom as it Relates to Investment Management.'

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Over the long term, a stock will generate investing returns inline with what the business which underlies it earns.

So, how do you measure this?

Howard Marks is the co-founder and co-chairman of Oaktree Capital Management, the largest investor in distressed securities worldwide.

His investment philosophy in 6 simple points 1. Risk control

It's easy to make money in the market. That's especially true in the good years, and most years are good.

The challenge, the real skill is to make money with the risk under control so that if it turns out to be a bad year instead you won't do too badly.

"The Psychology of Money" uncovers the ways our brains play tricks on us with money, showing how we're all just one impulse buy away from financial chaos.

6 things I learned from Chapter 3 1/

Crime committed by those who are desperate is understandable, but crime committed by those who already have everything is a mystery.

Sadly, Jim Simon Passed Away Today.

He is considered the most successful hedge fund manager of all time.

Using mathematics he changed the world of securities trading.

This is his story:

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As a child, Simons’ family doctor suggested he pursue a career in medicine.

But Simons’ path was always on the road to mathematics.

He insisted on becoming a mathematician.

Despite not actually knowing what mathematicians did.

David Tepper Made a 120% Return After the 2008 SMC

A master contrarian thinker specializing in distressed debt.

With a net worth of over $20 billion.

His top 20 investing principles:

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“There is a time to make money and a time to not lose money.”

David Tepper’s Fund Manages $14 Billion in Assets

With a portfolio gain of 201.56% since 2013.

And annual returns of 25% between 1993 and 2019.

His top 10 holdings:

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$META - Meta Platforms

% of portfolio: 11.57%

Owns & operates operates Facebook, Instagram, Threads, and WhatsApp.

P/E: 31.6
P/B: 8.1
Debt/Equity: 0.2
ROIC: 23%
GM: 80.8%

Todd Combs Reads 12 Hours a Day Working For Warren Buffett

He’s inspired by Buffett’s tip to read 500 pages a day.

Reading has helped hone his skills as CEO of GEICO.

His top 5 book recommendations:

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Killers of the Flower Moon: The Osage Murders and the Birth of the FBI

By David Grann

“This book is one of the best books I’ve ever read. It’s… I couldn’t put it down.” - Todd Combs

amazon.com/Killers-Flower…

Todd Combs Oversees Over $34 Billion of Berkshire Hathaway Investments

His own fund grew to more than $400 million.

A Warren Buffet protege.

His top 20 investing principles:

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“In investing and in life for that matter, you can’t choose outcomes, but you can choose the decisions that may get you the outcomes you want.”

Cathie Wood is the Warren Buffett of the Digital Age

She’s one of the most disruptive investors on Wall Street.

A star stock-picker & champion of disruptive innovation.

Her top 20 investing principles:

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“If you want great things to happen in your career, think big… Focus on the future. Double-down on innovation.”

Peter Thiel is Known as the “Don of the PayPal Mafia”

He has a net worth of $7.1 billion.

Facebook wouldn’t be here without him.

His top 20 investing principles: 1/

“The best projects are likely to be overlooked, not trumpeted by a crowd; the best problems to work on are often the ones nobody else even tries to solve.”

Bill Ackman’s Pershing Square is Worth $18 Billion in Assets Under Management

As of 2024, his net worth is approximately $4.2 billion.

His concentrated portfolio consists of just 7 stocks.

Let's break them down:

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$GOOGL - Alphabet

% of portfolio: 18.56%

One of the world’s most valuable companies, it is the parent company of Google and several former Google subsidiaries.

P/E: 23.8
P/B: 6.2
Debt/Equity: 0.1
ROIC: 18.9%
GM: 55.6%

Jim Simons is the Most Successful Hedge Fund Manager of All Time

With a net worth of $30.7 billion.

The creator of the Medallion Fund.

His top 20 investing principles:

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“Success in investing is not about being right all the time. It’s about minimizing losses and maximizing gains.”

His $10 Billion Fund Has the Best Track Record on Wall Street

Considered the world’s greatest investor.

The most successful hedge fund manager of all time.

This is the story of Jim Simons:

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As a young child, Simons’ family doctor suggested he pursue a career in medicine.

But Simons’ path was always on the road to mathematics.

He insisted on becoming a mathematician or a scientist.

Despite not actually knowing what mathematicians did.

Ackman Achieved A 373% Return 2004-2010

And a 58% return in 2019!

He now manages over $8.7 billion.

He makes his Analysts read these 11 books:

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Margin of Safety

By Seth A. Klarman

Risk-Averse Value Investing Strategies for the Thoughtful Investor

amazon.com.au/Margin-Safety-…

John Bogle Created the World’s First Index Fund

He founded the Vanguard Group.

The largest provider of mutual funds.

His top 20 investment principles:

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“When there are multiple solutions to a problem, choose the simplest one.”

John Bogle Turned Vanguard Into an $8.2 Trillion Investment Firm

His investing style is defined by simplicity & common sense.

He wrote the best seller “The Little Book of Common Sense Investing”.

My 10 key takeaways:

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Index Funds Outperform:

Don’t be seduced by the illusion of superior performance.

Opt for low-cost, passive index funds.

Passive investing is key to building wealth steadily & securely.