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Chris DeMuth Jr.
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"It's not given to human beings to have such talent that they can just know everything about everything all the time. But it is given to human beings who work hard at it - who look and sift the world for a misplaced bet - that they can occasionally find one." - Charlie Munger I look... More
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  • Book Ideas For The Thoughtful Investor 9 comments
    Jan 27, 2013 1:27 PM | about stocks: AMZN

    I am beginning a series of book notes. These are the books that I have found to contain the ideas that have proved to be the most inspiring and applicable in my life and work. My notes are designed so that a reader can get some benefit from varying levels of interest - from glancing at my quick takeaway to buying the book. They will appear as articles in the coming weeks. Meanwhile, if you are looking for something to read, these books contain ideas that have served me well in the capital markets:

    (Click on the titles of any book that you would like to purchase from AMZN. I have an Amazon Prime membership which I love, since I typically order about one new book a day for a total of 4,222 so far and the free and quick delivery makes the annual membership worth it)

    A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation

    Why do markets keep crashing and why are financial crises greater than ever before? As the risk manager to some of the leading firms on Wall Street-from Morgan Stanley to Salomon and Citigroup-and a member of some of the world's largest hedge funds, from Moore Capital to Ziff Brothers and FrontPoint Partners, Rick Bookstaber has seen the ghost inside the machine and vividly shows us a world that is even riskier than we think…

    - Publisher's book description

    Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street

    In 1956 two Bell Labs scientists discovered the scientific formula for getting rich. One was mathematician Claude Shannon, neurotic father of our digital age, whose genius is ranked with Einstein's. The other was John L. Kelly Jr., a Texas-born, gun-toting physicist. Together they applied the science of information theory--the basis of computers and the Internet--to the problem of making as much money as possible, as fast as possible…

    - Publisher's book description

    The Misbehavior of Markets: A Fractal View of Financial Turbulence

    Mathematical superstar and inventor of fractal geometry, Benoit Mandelbrot, has spent the past forty years studying the underlying mathematics of space and natural patterns. What many of his followers don't realize is that he has also been watching patterns of market change. In The (Mis)Behavior of Markets, Mandelbrot joins with science journalist and former Wall Street Journal editor Richard L. Hudson to reveal what a fractal view of the world of finance looks like. The result is a revolutionary reevaluation of the standard tools and models of modern financial theory…

    - Publisher's book description

    The Dhandho Investor: The Low - Risk Value Method to High Returns

    In a straightforward and accessible manner, The Dhandho Investor lays out the powerful framework of value investing. Written with the intelligent individual investor in mind, this comprehensive guide distills the Dhandho capital allocation framework of the business savvy Patels from India and presents how they can be applied successfully to the stock market.

    - Publisher's book description

    You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits

    "Fund manager Joel Greenblatt has been beating the Dow (with returns of 50 percent a year) for more than a decade. And now, in this highly accessible guide, he's going to show you how to do it, too. You're about to discover investment opportunities that portfolio managers, business-school professors, and top investment experts regularly miss -- uncharted areas where the individual investor has a huge advantage over the Wall Street wizards. Here is your personal treasure map to special situations in which big profits are possible, including:

    * Spin-offs * Restructurings * Merger Securities

    * Mergers * Rights Offerings * Recapitalizations

    * Bankruptcies * Risk Arbitrage

    This is a practical and easy-to-use investment reference, filled with case studies, important background information, and all the tools you'll need. All it takes is a little extra time and effort -- and you can be a stock market genius."

    - Publisher's book description

    Themes: Demon of Our Own Design, Fortune's Formula, Misbehavior of Markets, Dhandho Investor, You Can Be a Stock Market Genius Stocks: AMZN
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  •  
    The Hour Between Dog and Wolf-

    Written by John Coates . He used to run a trading desk in NY and then reinvented himself as a neuroscientist. The book is insightful and does much to explain why booms and busts are almost a given based on Wall Street's structure and compensation system.

    I also enjoy many in the "Little book of" series--typically quick yet informative reads.
    16 Feb, 03:55 PM Reply Like
  •  
    I will read it and write it up. Thanks!

    -C

    Chris DeMuth, Jr.

    Rangeley Capital
    687 South Shore Drive
    Rangeley, Maine 04970
    203.801.9969
    ccdemuth@rangeleycapit...
    16 Feb, 07:41 PM Reply Like
  •  
    For a good fiction read about murder and corruption on Wall Street, try the new Black Fridays by Michael Sears. Thanks.
    16 Feb, 10:26 PM Reply Like
  •  
    Creative Cash Flow Reporting: Uncovering Sustainable Financial Performance

    - probably the best book for value investors on accounting

    Fault Lines: How Hidden Fractures Still Threaten the World Economy

    - a great book explaining the true underlying cause of 2008 financial crisis

    Diary of a Very Bad Year: Confessions of an Anonymous Hedge Fund Manager

    - great diary day-by-day as the financial crisis unfolds. sort of "21 century" versions of "reminiscences of a stock operator"

    Practical Speculation

    - great thinking "outside the box"

    these three top my list of books I've read and came back again.
    16 Feb, 11:04 PM Reply Like
  •  
    I agree with your selections, have read and benefitted from them. Also might want to look at:
    Value Investing--Greenwald
    The Most Important Thing--Howard Marks
    Priceless--Poundstone
    Margin of Safety--Klarman
    Thank you for your write-ups, very thoughtful ideas. Good luck to you.
    18 Feb, 09:49 AM Reply Like
  •  
    Great ideas all. We appear to share tastes as I have three out of four in the works and will, based upon your recommendation, proceed with the fourth as well.
    18 Feb, 09:50 AM Reply Like
  •  
    If you read those already, then 2 more-
    Applied Value Investing--Calandro
    The Outsiders--Thorndike--I believe this was a rec of Charlie Munger. I am reading this now, just finished the chapter on Singleton. This book should be req'd reading for every sr. exec. of a publicly traded company.
    19 Feb, 08:47 AM Reply Like
  •  
    The Creature From Jekyll Island by G. Edward Griffin is a very influential book. Though it gets into more than just basic investing advice and specifically delves into the creation of The Fed, World Bank, Council On Foreign Relations, and United Nations.
    28 Feb, 12:21 PM Reply Like
  •  
    Excellent; thanks. -C
    28 Feb, 02:01 PM Reply Like
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