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Your future is decided by the books you read and people you associate with - Unknown

@VenkateshJayar2

Readings in my Investment Journey


- Venkatesh Jayaraman
Disclaimer
• The following resources are mentioned in this presentation:
o Resources that I used in my investment journey so far
o Resources that I am using currently and planning in near future

• I am not affiliated to any book distribution partners or channels. I do not get any
commission from anyone for the books and other resources listed in this presentation.

• I have made best efforts to ensure accuracy of contents in this presentation. However,
errors could creep in beyond my best effort.

• I shall in no way be responsible to any one (directly or indirectly) for any kind of loss that
might arise from use/sharing of information from this presentation.

This is a evolving content and will be updated and shared on a regular basis
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To Start With
Why am I sharing this?

• Many had asked in the past, as to what l I read in my investment journey or which is a right point/content
for them to start with.
• When I read… I did it in a haphazard manner, only to find later that I should have read the foundation book
or subject before.
• Based on my learnings, I have classified the resources under different categories and structured
sequentially. This will help investors to pick the topics one after the other with continuity.
o This is not a hard classification.
o There could be overlap of resources between categories.
• One mistake which I did and wish you all to avoid is…Make notes as you read. The benefits can be seen in
future. I properly did not take notes of my readings in the past. Thus, I am not able to recollect what and
where I read in the past. I have ended up re-reading them again by taking notes or underlining in the
books itself.

I thank Mr. Gautam Baid (@Gautam__Baid) for taking time to suggest changes, additional resources and sharing his reading list

@VenkateshJayar2
Topics in the Presentation
PERSONAL FINANCE

FINANCE STATEMENT ANALYSIS

ACCOUNTING FORENSICS

VALUE INVESTING

LITTLE BOOK SERIES

INDIAN REALITY

INDUSTRY STUDY

BEHAVIORAL FINANCE

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Personal
Finance

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Personal Finance
Personal Finance is basic financial education/knowledge which is a must for everyone must have before
investing. Ideally one must have a thorough knowledge on personal finance, by the time they get their
first salary or atleast before starting to invest. The following must be covered, but not limited to:

• Insurance - Insure your life, health, family and assets.

• Retirement – You can get car loan, house loan, personal loan etc. But no one will ever give you a
retirement loan. So plan well for your retirement.
Will roll out a separate presentation on
• Financial planning for short term and long term goals.
Personal Finance in a few weeks time
covering all these aspects.
• Taxation and how to benefit from different saving schemes.

• Emergency Fund – Life is full of uncertainty. A emergency fund saves your skin then.

• Succession Planning – No one knows when fate will over take us. Plan for a smooth transition to your
successor. Nominate beneficiaries in all you savings and investment instruments.

The following two slides will help you with in-depth knowledge of Personal Finance
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Personal Finance
Title Author
Rich Dad Poor Dad / Retire Young Retire Rich / The Unfair Advantage * Robert Kiyosaki
Retire Early, Retire Rich SG Raja Sekharan
The Richest Man in Babylon George Samuel Clason
The Millionaire next Door Thomas J. Stanley
* Robert Kiyosaki, has authored a series of books on Personal Finance. Refer the internet search for a complete list of all
books. The above includes, only the ones that I read.

Blog URL Blog Name / Owner


https://www.safalniveshak.com/ Vishal Khandelwal
https://www.stableinvestor.com/ Dev Ashish
https://ofdollarsanddata.com/ Of Dollars and Data
Mr. Vishal Khandelwal covers a wide range of topics on stock investing, Behavioral finance,
value investing etc. There are resources on Personal Finance as well.

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Personal Finance (Contd.)
Title Author
https://www.basunivesh.com/ Basavaraj Tonagatti
https://www.jagoinvestor.com/ Manish Chauhan / Nandish Desai
http://flame.org.in/knowledgecenter.aspx FLAME *

* A exhaustive personal finance website, covering all aspects of Personal Finance.


The contents are very exhaustive and would need to re-refer frequently. Bookmark
this page for r

Money Hangouts by Dhirendra Kumar/Value Research – Covers all dimensions of Personal


Finance

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Financial Statement Analysis

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Basic Financial Statement Analysis
Financial statement is like a window to see that happens in a company. Accounting is the
language for business. But not many would be able to read financial statements and
interpret the message they convey. The below books are good to start:

Title Author
Financial Intelligence Kerman Berman
Financial Statement Analysis Workbook Martin S. Fridson
Financial Ratios for Executives Michael Rist
How to Read a Balance Sheet John A Tracy
Quality of Earnings Hewitt Heiserman

Investopedia - https://www.investopedia.com/

This is a one stop solution for learnings about financial ratios. One can search a ratio or
financial parameter of interest here. The explanation is well illustrated with videos and
examples in many cases. Read one ratio a day, and in less than two months, one will be able
to read the financial statements comfortably.
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Basic Financial Statement Analysis (Contd.)
Tim Bennett Tutorials
• Moneyweek Channel
• Killik Finance Channel – Close to 200+ videos discussing about Financial
Statements and stock market basics.

Preston Pysh Tutorials - Stock Investing Like Warren Buffett. There are
three levels
Basics Intermediate Advanced

Aswath Damodaran on Investing Philosophies

Investopedia’s YouTube Channel

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Advanced Financial Statement Analysis
Title Author
Financial Statement Analysis and Security Valuation Stephen H. Penman
Accounting for Value Stephen H. Penman

Advanced Financial Statement Analysis by David Harper

MORE WILL BE ADDED IN NEXT VERSION

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Accounting
Forensics

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Accounting Forensics
Many would argue, how to believe the numbers in the Financial Statements. How good are
the numbers? Accounting Forensics is a specialty practice area of accounting that focuses on
uncovering financial fraud. A few books that could be handy to investors:

Title Author
The Financial Numbers Game Charles W. Mulford
Creative Cash Flow Accounting Charles W. Mulford
Financial Shenanigans Howard Schilit
Using Analytics to Detect Possible Fraud Pamela S. Mantone
Quality of Earnings Thornton L. O'glove

Though many of the Techniques would be useful for investigators to identify fraud and initiate legal
proceedings… These are equally helpful for Investors as well to identify, if the books of the company
they invest is clean.

Long term investing would be successful only if the managements and the numbers shared by them are
clean!

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Value Investing

• Benjamin Graham
• Warren Buffet
• Fisher Series
• Investors and Fund Managers

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Benjamin Graham
The seeds of today’s wisdom in investing was sowed by Mr. Benjamin Graham
nearly a century ago. It is a good idea to start reading his books first, before
reading other books on investing. He is the founding Father...Below a few books
authored by him/written on him.
Title Author
Security Analysis Benjamin Graham
Intelligent Investor Benjamin Graham
The Interpretation of Financial Statements Benjamin Graham
Benjamin Graham and the power of Growth stocks Frederick K. Martin
Building a Profession * Jason Zweig
* A collection of essays and writings by Benjamin Graham

“There are three books in my overflowing library that I particularly treasure, each of them written more than 50 years ago. All,
though, would still be of enormous value to me if I were to read them today for the first time; their wisdom endures though their
pages fade. They are the first editions of The Wealth of Nations (1776), by Adam Smith, The Intelligent Investor (1949), by
Benjamin Graham and third is an original copy of the Graham and Dodd’s book on Security Analysis.” - Warren Buffet

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Warren Buffet
Warren Buffett himself has not authored any books. However, there are numerous
books written on Buffett and his investment strategies. Below a small list:

Title Author
Warren Buffett way of interpreting Financial Statement Mary Buffett
Buffettology Mary Buffett
The New Buffettology Mary Buffett
The Tao of Buffett Mary Buffett
Note: The list by Mary
Buffett Beyond Value Prem C. Jain
Buffett is not complete.
The Warren Buffett Way Robert Hagstrom Includes only the ones,
that I have read. A
Warren Buffett Portfolio Robert Hagstrom
complete list of books
Buffett: The Making of an American Capitalist Roger Lowenstein authored by Mary Buffett
can be seen at
The Snowball: Warren Buffett and the Business of Life Alice Schroeder
http://www.marybuffett.
Buffett and Beyond J. B Farwell com/books/

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Warren Buffet
Though Warren Buffett not written any book by himself, he has shared his wisdom through
his Partnership Letters, Berkshire Annual Reports and Annual meetings. A few resources on
the same:

Title URL Author


Berkshire Annual Reports http://www.berkshirehathaway.com/reports.html Warren Buffet
Berkshire Partnership Letters https://www.pragcap.com/warren-buffett- Warren Buffet
partnership-letters/
Transcript of Berkshire https://www.dropbox.com/sh/k42z9zlsdd0ahpm/A Compiler -
Annual Meetings (1994 – ACIUMpoS8nDiMMaOPYSKSGGa?dl=0 Unknown
2018)
Notes of Berkshire Annual http://www.hendershotinvestments.com/berkshir Ingrid
Meetings (2007 – 2017) e-hathaway-annual-meeting-notes Hendershot, CFA
Buffett FAQ http://buffettfaq.com/ Nick Webb

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Fisher Series
Philip Fisher could be considered a pioneer in the field of growth investing.

Philip Fisher and his son Kenneth Fisher had shared their wisdom in their books
listed below:

Title Author
Common Stocks and Uncommon Profits Philip Fisher
Conservative Investors Sleep Well Philip Fisher
Paths to Wealth through Common Stocks Philip Fisher
Developing an Investment Philosophy Philip Fisher
Super Stocks Kenneth Fisher
Beat the crowd Kenneth Fisher
How to smell a rat Kenneth Fisher

In Buffett’s own words. – “I am 15% Fisher* and 85% Benjamin Graham.”

* Buffett refers to Philip Fisher

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Investors and Fund Managers
Investing has evolved over the years. Many famous Investors, Gurus and Fund
managers have developed their own philosophy and strategy. They have been
generous to share their ideas and wisdom through their books. A few of the books
below:

Title Author
Elements of Investing Burton Malkiel / Charles D Ellis
Getting started with Value Investing Charles S. Mizrahi
The Most Important Thing Howard Marks
Applied Value Investing Joseph Calandro
Investment Checklist Michael Shearn
Lessons from Legends of Wall Street Nikki Ross
One up the Wall Street Peter Lynch
Beating the Street Peter Lynch
The Business of Value Investing Sham M. Gad

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Investors and Fund Managers (Contd.)
Title Author
Margin of Safety Seth Klarman
Dhandho Investor Mohnish Pabrai
The Education of a Value Investor Guy Spier
The Great Minds of Investing William Green

There are many more books that a investor can identify by searching the internet. This
list shall however be a good one to start.

“The Greatest Investors” 22 part article by Investopedia

Articles and writings by William Green

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Investors and Fund Managers (Contd.)
Blog URL Blog Name / Owner
http://aswathdamodaran.blogspot.com/ Aswath Damodaran
https://microcapclub.com/blog/ Iam Cassel
Blogs with wealth of wisdom and
knowledge from famous investors and http://www.chaiwithpabrai.com/ Mohnish Pabrai
Fund mangers. http://www.collaborativefund.com/blog/ Morgan Housel
http://jimoshaughnessy.tumblr.com/ Jim O’Shaughnessy
http://basehitinvesting.com John Huber
http://mastersinvest.com/newblog/ John Garret
https://www.gurufocus.com/ Gurufocus
https://acquirersmultiple.com/blog/ Tobias Carlisle
https://www.oldschoolvalue.com/ Jae Jun

Howard Marks memos; It is said that Warren Buffett read it first whenever his memos are released.

MastersInvest by John Garret. It is a treasure trove for Investors.

ValueWalk; This site has lot of articles on investing, business and technology.
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Investors and Fund Managers (Contd.)
Investors at Google, A Youtube Channel with 35+ videos with talks by famous investors and
fund managers

Stig Broderson channel on “We Study Billionaires”

Gurufocus channel by Charlie Guru. Educational videos of investing style by different fund
managers/investors.

5GQ by Jacob Taylor. Famous investors answer for questions on investeing.

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Little Book
Series

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Little Book Series
These little book series are quick read that can be read over the weekends or during travel!
These books are simple enough for easy understanding by new investors who are starting their
journey.

Title Author
The Little book on Valuation Aswath Damodaran
The Little book of Bullet proof investing Ben Stein
The Little book of Behavioral Investing James Montier
The Little book of Safe Money Jason Zweig
The Little book that still beats the market Joel Greenblatt
The Little book of common sense investing John Bogle
The Little book that builds Wealth Pat Dorsey
The Little book of Sideways Market Vitaliy Katsenelson

Note: The above is not a exhaustive list, but covers only the ones that I have read. A complete list of
the “Little Book” series is available in the above books introduction/cover page.

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Indian Reality

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Indian Reality
The books/resources mentioned so far talks about basis of investment, ideas and
strategies of famous investors…But one cannot find a connect with Indian context.
The below books are authored by Indian Investors / Fund Managers:

Title Author
The Thoughtful Investor Basant Maheshwari
Value Investing and Behavioral Finance Parag Parikh
Stocks to riches Parag Parikh
Gurus of Chaos Saurabh Mukherjea
Unusual Billionaires Saurabh Mukherjea
The Coffee Can Portfolio Saurabh Mukherjea
Retire Early, Retire Rich SG Raja Sekharan
Investing Perspectives Dhirendra Kumar / Value Research

One can find connection to Indian stock market history, strategies and themes in Indian
context.

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Indian Reality (Contd.)
Blogs with wealth of wisdom and knowledge from famous investors and Fund mangers.

Blog URL Blog Name / Owner


https://www.safalniveshak.com/ Vishal Khandelwal*
https://www.stableinvestor.com/ Dev Ashish
http://valueinvestorindia.blogspot.com/ Rohit Chauhan
https://janav.wordpress.com/ Jana Vembunarayanan
https://wisewealthadvisors.com/ D. Muthu Krishnan
https://fundooprofessor.wordpress.com Sanjay Bakshi
https://www.sanjaybakshi.net/media/
http://www.get-rich-and-retire-early.com/ SG Rajasekharan
http://www.valuepickr.com/ Donald / Ayush

* The Website by Mr. Vishal Khandelwal would be useful for all level of investors. The contents
ranges from investing, behavioral finance, interviews of famous investors, educational articles and
many more.

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Indian Reality (Contd.)
Motilal Oswal Wealth Creation Studies

Every year, a theme is picked and discussed. These themes are valuable to Individual
Investors in their Investment Journey. These are a must to read to gain insights that help in
our Investment Philosophy. Videos of these Wealth Creation Studies are also available in
YouTube.

Value Picker

Apart from their regular blog, there are lot of educational content, management & stock
discussions.

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Industry Study

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Industry Study
• Annual Report of different companies in the same Industry. Companies discuss about the industry

in which the operate. This gives insights to investors about the industry.

• Investor Presentation by companies. These are released on quarterly or yearly basis.

• Initiating coverage reports by brokerage houses.

CARE Ratings YouTube Channel – There are many videos on different industries.
One can search for their industry of interest.

PPFAS YouTube Channel – Insights into different industries by Mr. Raunak Onkar and
Mr. Rajeev Thakkar

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Behavioral Finance

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Behavioral Finance
It is said that Investment success is 10% Effort and 90% Behavior of ours. Minding our own
behavior is very important. A few books on the same:
Title Author
Value Investing and Behavioral Finance Parag Parikh
Think Fast, Think Slow Daniel Kahneman
Nudge Richard H. Thaler
Predictably Irrational Dan Ariely

Videos of mental models by Chetan Parikh


https://capitalideasonline.com/wordpress/mental-models/

Behavioral Finance 12 part article by Investopedia

Latticework of Mental Models by Anshul Khare

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Useful Twitter Handles
Many investment related books are recommended regularly in these
two Twitter accounts

Investment Books Investbooks

@Invest_Books @investbooks

Mr. Gautam Baid shares much of his wisdom and knowledge in


Mr. Gautam Baid his Twitter Handle.
@Gautam__Baid
His Book Shelf – Thank him for sharing the same.

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Good Luck in your
reading & Investment
Journey

Please visit my landing page https://www.linkedin.com/pulse/my-notes-compilation-


value-investing-venkatesh-jayaraman/ for more such presentations, notes and
compilations on topics related to Personal finance and Value Investing.

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