Investment Resources

• Allan Mecham (Arlington Value Management)
• Bear Stearns
• Bill Ackman (Pershing Square)
• Bill Gross (PIMCO/Janus)
• Bruce Flatt (Brookfield Asset Management)
• Carl Icahn (Icahn Enterprises)
• Charles Ellis (Greenwich Associates)
• Charles Schwab (Charles Schwab Corp.)
• Charlie Munger (Berkshire Hathaway)
• Chuck Arke (Akre Capital Management)
• Columbia Business School
• Daniel Kahneman
• David Einhorn (Greenlight Capital)
• David F. Swenson (Chief Investment Officer, Yale University)
• Dean Williams (Batterymarch Financial Management)
• Eddie Lampert (ESL Investments)
• Ernst & Young
• Francis Chou (Chou Associates Management)
• Francois Rochon (Giverny Capital)
• Henry Singleton (Teledyne Inc.)
• Howard Marks (Oaktree Capital)
• Indexing
• Irving Kahn (Kahn Brothers & Company)
• Jack Welch (Former CEO of GE)
• Jeffrey Gundlach (DoubleLine Capital)
• Jeremy Grantham (Grantham, Mayo, Van Otterloo & Co. LLC)
• Jim Simons (Renaissance Technologies Corp.)
• Jim Sinegal (Costco)
• Joel Greenblatt (Gotham Asset Management)
• Joel Tillinghast (Fidelity)
• John Bogle (Vanguard)
• John D. Rockefeller (Standard Oil)
• John Malone (TCI & Liberty Media)
• John Templeton (Templeton Funds)
• Jorge Paulo Lemann (3G Capital)
• Julian Robertson (Tiger Management)
• Li Lu (Himalaya Capital)
• Lou Simpson (Former CIO for Geico and current Chairman of SQ Advisors)
• Mark Boyar (Boyar Value Group)
• Mark Cuban (Entrepeneur, Owner of the Dallas Mavericks, Shark Tank)
• Martin J. Whitman (Third Avenue Management)
• Michael J. Mauboussin
• Munich RE
• Oaktree Capital Management
• Paul Isaac (Arbiter Partners) – Walter Schloss’ nephew and Irving Isaac’s son
• Paul Singer (Elliott Management)
• Paul Tudor Jones (Tudor Investment Corporation)
• Peter L. Bernstein
• Ray Dalio (Bridgewater Associates)
• Shelby Cullom Davis (Davis Advisors)
• Seth Klarman (Baupost Group)
• Stanley Druckenmiller
• Ted Weschler (Berkshire Hathaway)
• Todd Combs (Berkshire Hathaway)
• Tom Russo (Gardner Russo & Gardner)
• Walter Schloss (Walter & Edwin Schloss Associates)
• Warren Buffett (Berkshire Hathaway)
• Will Danoff (Fidelity Investments)

Allan Mecham (Arlington Value Management)

• Manual of Ideas – Allan Mecham Interview (pdf)
• The 400% Man (Marketwatch)
• Is This The Next Warren Buffett? (Forbes)
• The Oracle of Salt Lake City (ComplianceX)
• Arlington Capital Presentation – Avoid the Deadly Sins (pdf)
• Arlington Value 2013 Letter (pdf)
• Arlington Value 2014 Letter (Valuewalk)
• Arlington Value 2015 Letter (pdf)

Bear Stearns

• Primer on ROIC Valuation Framework (PDF)

Bill Ackman (Pershing Square)

• Graham & Doddsville Winter 2015 (PDF)
• What’s Eating Bill Ackman? (Institutional Investor)

Bill Gross (PIMCO/Janus)

• Bill Gross June Investment Outlook: How to Make Money (Janus Henderson)
• Bill Gross: ‘We were looking for every penny we could get’ (Financial Times)
• The Bill Gross You Didn’t Know: Taxes, Deficits and Asperger’s (Bloomberg)

Bruce Flatt (Brookfield Asset Management)

• The Toll Collector (Forbes)
• Meet our bargain-hunting, globe-trotting, skyline-dominating, ruthlessly smart CEOs of the Year (Globe and Mail)
• Bloomberg Best: Brookfield CEO Bruce Flatt (Bloomberg)
• A Global Real-Estate Giant Whispers ‘We’re Number One’ (WSJ)
• A Different Kind of Buyout Firm (Barron’s)
• Brookfield Goes Nuclear: Why You Should Watch The Canadian Giant’s Restructuring Work (Forbes)
• A Compelling Case for Alternative Assets (Interview with Sam Pollock from BIP) (Barron’s)
• How Flatt is reforging Brascan (Globe and Mail)

Carl Icahn (Icahn Enterprises)

• Carl Icahn’s Dealbook Conference Interview (Youtube/NYT)

Charles Ellis (Greenwich Associates)

Charles Schwab (Charles Schwab Corp.)

• Book: Invested: Changing Forever the Way Americans Invest
• Famed Investor Charles Schwab on The David Rubenstein Show (Youtube)

Charlie Munger (Berkshire Hathaway)

• Book: Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger by Peter D. Kaufman
• Book: Charlie Munger: The Complete Investor by Tren Griffin
• Book:Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger by Janet Lowe
• Charlie Munger’s Wesco Annual Letter 1983-2009 (PDF)
• A Fireside Chat With Charlie Munger (WSJ)
• Charles Munger: Secrets of Buffett’s Success? (WSJ)
• The Psychology of Human Misjudgement speech (PDF)
• Boom and Bust Is Normal (10 min) (BBC/Youtube)
• A Conversation with Charlie Munger and Michigan Ross – 2017 (Script) (Youtube/The Ross School of Business)

Chuck Arke (Akre Capital Management)

• Bad At Market Predictions, Good at Investing (WSJ/PDF)

Columbia Business School

• The Graham and Dodd Luncheon Symposium Transcript (David Abrams, Bruce Berkowitz, James Grant, Glenn Greenberg, Bruce Greenwald, Roger Lowenstein, Howard Marks, J. Ezra Merkin and Thomas Russo.)

Daniel Kahneman

• Don’t Blink! The Hazards of Confidence (NYT)
• A Conversation With Daniel Kahneman; On Profit, Loss and the Mysteries of the Mind (NYT)

David Einhorn (Greenlight Capital)

• Book: Fooling Some of the People All of the Time, A Long Short

David F. Swenson (Chief Investment Officer, Yale University)

• Book: Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment
• Book: Unconventional Success: A Fundamental Approach to Personal Investment
• How David Swensen Made Yale Fabulously Rich (Bloomberg)
• The Money Management Gospel of Yale’s Endowment Guru (NYT)
• In College Endowment Returns, Davids Beat the Goliaths (NYT)
• Lunch with the FT: David Swensen (Financial Times)
• A Conversation with David Swensen (CFR)
• Yale University Open Course – Guest Speaker: David Swensen (Yale)
• David Swensen Is Great for Yale. Is He Horrible for Investing? (Institutional Investing)

Dean Williams (Batterymarch Financial Management)

• “Trying too hard”by Dean Williams SVP at Batterymarch Financial. Keynote speech at Financial Analysts Federation Seminar, August 9, 1981 (PDF)

Eddie Lampert (ESL Investments)

• Inside The Strange Odyssey of Hedge-Fund King Eddie Lampert (Vanity Fair)

Ernst & Young

• Getting ROIC right (PDF)

Francis Chou (Chou Associates Management)

Francois Rochon (Giverny Capital)

• Transcript of Google Talk by Francois Rochon (PDF)
• The Art of Investing: Analyzing Numbers and Going Beyond – (Google Talk/Youtube)
• François Rochon: Learning from Warren Buffett (Montreal Gazette)
• An enriching strategy for quality assets (Montreal Gazette)
• Interview with Francois Rochon (MSN Berkshire Board)
• High confidence + humble approach = happy investor (Montreal Gazette)

Henry Singleton (Teledyne Inc.)

• Teledyne and Dr. Henry Singleton, Case Study in Capital Allocation (pdf)
• The Manual of Ideas on Business Leader Henry Singleton (Youtube)
• Henry E. Singleton, a Founder Of Teledyne, Is Dead at 82 (NYT)
• Emulate Henry Singleton (Grant’s Interest Rate Observer)
• The Brain Behind Teledyne, A Great American Capitalist (NY Observer)
• Corporations: Teledyne’s Takeoff (Time)
• A Case Study In Financial Brilliance by Leon G. Cooperman (Valuewalk)

Howard Marks (Oaktree Capital)

• Book: The Most Important Thing
• Book: Mastering the Market Cycle: Getting the Odds on Your Side
• Howard Marks on Surviving Market Storms (Barron’s)
• Howard Marks’ letters at OaktreeCapital.com
• Howard Marks: “The Most Important Thing – Origins and Inspirations” (Talks at Google)
• Oaktree’s Howard Marks on Market Warning, Risks, FAANGs (Youtube/Bloomberg)
• Oaktree’s Howard Marks: Keep Calm and Invest On (Youtube/Bloomberg)
• Talk at Wharton (Youtube)

Indexing

• The Silent Road to Serfdom: Why Passive Investing is Worse Than Marxism (Sanford C. Bernstein & Co./Bloomberg)
• Are Index Funds Communist? (Bloomberg)

Irving Kahn (Kahn Brothers & Company)

• A Dozen Things I’ve Learned from Irving Kahn about Value Investing and Business (25iq)
• How to Play the Market: Irving Kahn (Bloomberg)
• 108-year-old investor: ‘I doubled my money in 1929 crash – and I’m still winning’ (Telegraph)
• 106-year-old stockbroker talks shop (CNN)

Jack Welch (Former CEO of GE)

• “Shareholder value is the dumbest idea in the world” (Financial Times)

Jeffrey Gundlach (DoubleLine Capital)

• Jeffrey Gundlach: The Man Behind The Millions (Buffalo News)

Jeremy Grantham (Grantham, Mayo, Van Otterloo & Co. LLC)

• Jeremy Grantham’s letters at GMO.com

Jim Simons (Renaissance Technologies Corp.)

• Book: The Man Who Solved the Market
• How Jim Simons Built the Best Hedge Fund Ever (Bloomberg)
• The Making of the World’s Greatest Investor (WSJ)
• Jim Simons, the Numbers King (The New-Yorker)
• Billionaire Mathematician James Simons Flopped the First Time He Invested (Bloomberg)
• The Mathematician Who Cracked Wall Street (TED Talk)
• “World’s Smartest Billionaire:” James Simons is Cal Alumnus of the Year for 2016 (California Magazine)
• James Simons Interview – (Numberphile/Youtube)
• Dr. James Simons, S Donald Sussman Fellowship Award Fireside Chat (Youtube)

Jim Sinegal (Costco)

• Costco’s Competitive Secret (The Motley Fool)

Joel Greenblatt (Gotham Asset Management)

• Book: You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits
• Book: The Big Secret for the Small Investor
• On Value Investing: A Conversation with Joel Greenblatt with Howard Marks (Youtube/Wharton)
• Talks at Google(Youtube)
• Joel Greenblatt’s Market Secrets (Intelligent Investing With Steve Forbes) (Forbes)
• Why Gotham’s Greenblatt Likes ‘Gushing’ Cash-Flow Stocks (Bloomberg/Youtube)
• Joel Greenblatt Class Notes – Special Situation Investing Classes at Columbia University Business School (PDF)

Joel Tillinghast (Fidelity)

• Joel Tillinghast Finds Big Returns in Small Stocks (Barron’s)
• Book: Big Money Thinks Small: Biases, Blind Spots, and Smarter Investing

John Bogle (Vanguard)

John D. Rockefeller (Standard Oil)

• Book: Titan by Ron Chernow
• Book: Memoirs by David Rockefeller
• The Story of a Great Monopoly (The Atlantic, March 1881)
• To Be a Rockefeller (Vanity Fair)
• Rockefeller Was Almost Three Times Richer Than Bezos (Bloomberg)
• Archived Paper: Obituary from the New-York Times

John Malone (TCI & Liberty Media)

• John Malone: Flying Solo (The New Yorker – February 7, 1994)
• Cable’s Darth Vader Is Back (Forbes)
• National Western Stock Show Citizen of the West John Malone known for loyalty, can-do Western spirit (Denver Post)
• Liberty Media Company History (Liberty Media)
• Largest Land Owner (Land Report 100)
• John Malone: ‘I told Warren Buffett not to invest in Bill Gates before Microsoft went public’ (Telegraph)

John Templeton (Templeton Funds)

• Book: Investing the Templeton Way: The Market-Beating Strategies of Value Investing’s Legendary Bargain Hunter
• Book: The Templeton Touch

Jorge Paulo Lemann (3G Capital)

• Book: Dream Big by Cristiane Correa
• What I Learned at Harvard (PDF, Santangel’s Review)
• Jim Collins Interviews Jorge Paulo Lemann (Youtube/Havard Business School 2016)
• Nitin Nohria Interviews Jorge Paulo Lemann and Warren Buffett (Youtube/Havard Business School 2017)

Julian Robertson (Tiger Management)

• A Test of Conviction: Julian Robertson and the Crash of 1987 (PDF/Insecurity Analysis)

Li Lu (Himalaya Capital)

• Book: Moving the Mountain
• Book: Poor Charlie’s Almanack (Chinese Edition)
• Li Lu —Know What You Don’t Know (Graham & Doddsville)
• Foreword to the Chinese Edition of Poor Charlie’s Almanack (PDF)
• Li Lu – From Tiananmen Square to Possible Buffett Successor(PDF)
• Li Lu’s Talk at Columbia 2006 (PDF)
• Li Lu’s 2010 Columbia Lecture (PDF)
• Reflections On Reaching Fifty (ValueWalk)
• Li Lu’s Discussion of Modernization (Himalaya Capital)
• Li Lu’s Discussion of Modernization Part II (Himalaya Capital)
• In China, I’d Be Dead (NYT)
• Video: Li Lu’s 2006 Columbia Lecture (Youtube)
• Video: Li Lu’s 2010 Lecture at Columbia (Youtube)
• Video: Li Lu’s Presentation at the FAME Student Investment Conference (Part 1, Part 2, Part 3)

Lou Simpson (Former CIO for Geico and current Chairman of SQ Advisors)

• This investor rivals Warren Buffett — and you probably haven’t heard of him (Marketwatch)
• A Q&A with renowned investor Lou Simpson (Kellogg Insight)
• A Dozen Things I’ve Learned from Lou Simpson About Investing and Business (25iq)
• Some insight on Lou Simpson and how he works (Value Investing World)
• Lou Simpson and portfolio construction (Value Investing World)
• The Next Warren Buffett (Forbes)
• A Maestro of Investments in the Style of Buffett (NYT)

Mark Boyar (Boyar Value Group)

• Barron’s Interviews The Boyar Value Group (Barron’s)
• Boyar Research Featured in Welling on Wall Street (Welling on Wall Street)
• How to Buy Dollar Bills for 50 Cents (Barron’s)
• Mark Boyar: Wise Man of Investing (Agora Financial)
• Mark Boyar’s interview with The Manual of Ideas Part 1, 2, 3, 4, 5, 6 (Youtube)

Mark Cuban (Entrepeneur, Owner of the Dallas Mavericks, Shark Tank)

• Mark Cuban In Conversation With Kyle Bass (Real Vision/Youtube)

Martin J. Whitman (Third Avenue Management)

• Book: Distress Investing: Principles and Technique
• Book: Modern Security Analysis: Understanding Wall Street Fundamentals
• Book: The Aggressive Conservative Investor
• Having the Last Laugh – Barrons (PDF/Barron’s)
• A Dozen Things I’ve Learned from Marty Whitman/Third Avenue about Investing (25iq)
• Marty Whitman Still Dives Deep For Value (PDF/Barron’s)
• Enduring Values, Enduring Value (PDF/Barron’s)
• The Big Money in Busted Bonds (Fortune)
• Remembering Famed Value Investor Marty Whitman (Morningstar)

Michael J. Mauboussin

• Calculating Return on Invested Capital (PDF)

Munich RE

• Primer on Reinsurance (PDF)

Oaktree Capital Management

• It’s Not Supposed To Be Easy: How Oaktree Strives To Add Value In Uncertain Times (PDF)

Paul Isaac (Arbiter Partners) – Walter Schloss’ nephew and Irving Isaac’s son

• The Value Gene (Barron’s)
• Paul J. Isaac– Master Class (Real Vision)

Paul Singer (Elliott Management)

• The World’s Most Feared Investor (Bloomberg)
• The David Rubenstein Show: Paul Singer (Youtube/Bloomberg)
• Inside Elliott Management: How Paul Singer’s Hedge Fund Always Wins (Fortune)
• Paul Singer, Doomsday InvestorPaul Singer, Doomsday Investor Notes (The New-Yorker)
• Efficient Markets Need Guys Like Me by Paul Singer (WSJ)
• Billionaire Paul Singer doesn’t care what you think (Business Insiders/Institutional Investor)
• Elliott brings a ‘prosecutorial’ approach to activist investing (Financial Times)
• Institutional Investor Billionaire Paul Singer Accuses Central Banks of Thwarting Growth (Institutional Investor)
• 10 Questions with Jon Pollock (The Activist Report)

Paul Tudor Jones (Tudor Investment Corporation)

• Stalking Bubbles: Paul Tudor Jones 1987-1990 (PDF/Insecurity Analysis)

Peter L. Bernstein

• Book: The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk
• Book: The Four Pillars of Investing: Lessons for Building a Winning Portfolio
• Our Interview with Peter L. Bernstein (Advisor Perspectives)
• Obituary: Peter L. Bernstein; Influential Economic Historian (WP)
• Peter L. Bernstein on Risk (McKinsey & Company)
• The Big Interview: Chuck Jaffe talks to Peter L. Bernstein, author of “Capital Ideas Evolving” (Marketwatch)
• Interview: Peter Bernstein & Charles Ellis (Youtube)

Ray Dalio (Bridgewater Associates)

• How Hegemons Fall (Morningstar)
• Populism: The Phenomenon(PDF) (Daily Observations)
• How to build a company where the best ideas win (TED Talk)
• A Conversation with Ray Dalio and Michael Milken (MilkenInstitute/Youtube)
• How The Economic Machine Works (Bridgewater/Youtube)
• Tony Robbins interviews billionaire Ray Dalio (Tony Robbins/Youtube)
• Dalio discussing his investing principles at the Bloomberg Markets 50 Summit with Erik Schatzker (Bloomberg/Youtube)
• Reddit “Ask Me Anything” question and answer session (Reddit)
• Book: Big Debt Crises
• Book: Principles: Life and Work

Shelby Cullom Davis (Davis Advisors)

• Book: The Davis Dynasty
• Family affair (Institutional Investor)
• The Wisdom of Great Investors (Davis Funds)
• Grandfather Knows Best (Insurance Observer)
• Shelby Davis Resource Page (ValueWalk)

Seth Klarman (Baupost Group)

• Book: Margin of Safety (cheap on Kindle)
• Investor Is More Worried Than Ever (WSJ)
• Hard Choices (HBS)
• The Oracle of Boston (The Economist)
• Why Value Investors Are Different by Seth Klarman (Barron’s)
• Opportunities for Patient Investors – Seth Klarman and Jason Zweig (PDF)
• Don’t Be a Yield Pig (PDF)
• On Running a Fund Interview (CSInvesting)
• Why Most Investment Managers Have It Backwards (CSInvesting)
• The Investor Seth Klarman, in a Rare Interview, Offers a Warning. Davos Should Listen (The New Yorker)

Stanley Druckenmiller

• CNBC’s full interview with Stanley Druckenmiller (CNBC)

Ted Weschler (Berkshire Hathaway)

• Interview with Warren Buffett’s investment manager Ted Weschler (Business Insider)
• Warren Buffett’s money managers, Todd Combs and Ted Weschler, speak (Yahoo)
• Buffett’s three T’s (CNBC)

Todd Combs (Berkshire Hathaway)

• 10 Questions: Todd Combs (FSU/Vires Magazine)
• What it’s like working for Warren Buffett (CNBC)
• Warren Buffett’s money managers, Todd Combs and Ted Weschler, speak (Yahoo)
• Buffett’s three T’s (CNBC)
• Investors earn handsome paychecks by handling Buffett’s business (Omaha World-Herald)
• The Billionaire Whisperer Who United Bezos, Buffett and Dimon (Bloomberg)

Tom Russo (Gardner Russo & Gardner)

• Learning from Superinvestors: The Wisdom of Tom Russo (Latticework)

Walter Schloss (Walter & Edwin Schloss Associates)

• Sixty-Five Years on Wall Street (Pdf, Grant’s Interest Rate Observer via Grahamanddoddsville.net)
• Walter & Edwin Schloss Associates interview (Outstanding Investor Digest via CSinvesting)
• Benjamin Grahamand Security Analysis: A Reminiscence (Pdf va CSinvesting)
• Super Investors of Graham-and-Doddsville (PDF)
• ‘Superinvestor’ Who Earned Praise From Buffet, Dies at 95 (Bloomberg)
• Schloss – Making Money Out of Junk (PDF/Forbes)
• NYSSA Dedication to Walter Schloss (PDF)
• Warren Buffett – On Walter Schloss (PDF)
• The Hippocratic Method in Security Analysis (PDF)
• Liquidations Criteria (PDF)

Warren Buffett (Berkshire Hathaway)

• The Superinvestors of Graham-and-Doddsville (pdf) (If you’ve never read this essay before, please read it. It may be the most important essay ever written in the world of investing. )
• Warren Buffett’s first tax return (PBS)
• Buffett Standford Seminar 1978 (PDF)
• 1999 Fortune Magazine Interview. Stock expectations and the Internet (Fortune by Carol Loomis)
• Warren Buffett on PBS NewsHour Part 1, Part 2 (PBS)
• Warren Buffett brilliantly explains how bubbles are formed (Business Insider)
• Interview: John Templeton Warren Buffett Robert Wilson (Youtube)
• Three Lectures to Notre Dame Faculty, MBA students and undergraduates 1991 (PDF)
• How to Tame the Casino Society by Warren Buffett (Washington Post)

Will Danoff (Fidelity Investments)

• The $108 Billion Man Who Has Beaten the Market Link 1, Link 2 (WSJ)