Abnormal Returns is on hiatus this week. However that does not mean that we are content-free. As we have done in previous years we asked a panel of highly respected independent finance bloggers a series of (hopefully) provocative questions. Yesterday’s edition focused on what one piece of advice bloggers would give to novice investors . Below you can see the blogger’s name, blog name and Twitter/StockTwits handle. We hope you enjoy these posts as we do.
Question:What are your reading? What do you recommend? Include in this books, blogs, articles, research papers or anything else you think other bloggers might be missing out on. (Answers in no particular order.)
Josh Brown, The Reformed Broker, @reformedbroker:
I’ve been doing this thing lately where I force myself to read a well-rounded diet of new and old books, finance and non-finance, throughout the year. I read The Orphan Master’s Son this spring and it knocked me on my f***ing ass. Now I’m reading The Watchdog That Didn’t Bark by Dean Starkman about the rise and fall of the financial media and his narrative is incredibly detailed and well told. I also read Zealot by Resa Aslan recently, it’s about the origin of the historical Jesus and it taught me a lot that I don’t think most people are aware of. Also, Bernard Cornwell’s novel “1356” is a ripping story set during the Battle of Poitiers, you can crush is in a day or two.
On the web I find myself clicking on anything Ben Carlson writes. I love Noah Smith’s economics blogs and his columns for Bloomberg View, he takes zero prisoners. MoneyBeat is the best financial blog in the mainstream media, WSJ has unlocked the secret. I like that Meb Faber is contributing to his own blog almost daily these days and his Idea Farm newsletter product is sick. If Wknd Notes by Eric Peters was delivered physically rather than digitally, I’d be standing by my mailbox every Saturday morning waiting for it. Lastly (and selfishly), my director of research Michael Batnick is really starting to find his voice over at his “The Irrelevant Investor” Tumblr – readers should be aware that he’s smarter than me and just as funny. Now that I think about it, the kid’s a real threat. I should probably kill him.
Ben Carlson, A Wealth of Common Sense, @awealthofcs:
Underrated bloggers: Michael Batnick – The Irrelevant Investor, Todd Wenning – Clear Eyes Investing, Patrick O’Shaughnessy – Millennial Invest, Charlie Bilello –Pension Partnersand Eric Nelson – Servo Wealth Management. I’m also a big fan of Samuel Lee’s work at Morningstar.
Books I’ve been reading lately include Why Don’t We learn From History by B.H. Liddell Hart, Clash of the Financial Pundits by Josh Brown and Jeff Macke, The Obstacle is the Way by Ryan Holiday, The War of Art by Steven Pressfield (a great book for bloggers) and Cheap Shot by Ace Atkins.
Robert Seawright, Above the Market, @rpseawright:
The investment/finance blogosphere has never been stronger. There are many great resources out there. I have very good things to say about the top fifteen blogs here and expect that many others on the list are quite good too. Newer or less well-known blogs and bloggers I really like include Ben Carlson’s A Wealth of Common Sense, James Osbourne of Bason Asset Management, Mark Buchanan’s The Physics of Finance (his book, Forecast, is excellent too), and Ben Hunt’s Epsilon Theory.
Patrick O’Shaughnessy, Millenial Invest, @millenial_inv:
Books are the best learning tool. My five favorite investing books are listed here, and this is another list of all-time greats as selected by some of the financial blogosphere’s best writers. I read almost no traditional market news (reports on the economy, market dynamics, etc) because most of it is irrelevant at best and harmful at worst.
I also read a select list of blogs: Barry Ritholtz’s “Big Picture,” Ben Carlson’s “A Wealth of Common Sense,” Josh Brown’s “Reformed Broker,” Tren Griffin’s “25iq,” Jesse Livermore’s “Philosophical Economics,” Morgan Housel’s weekly columns, and Meb Faber’s personal website. I realize lots of these suggestions are obvious, so one under the radar suggestion is Jae Jun at “Old School Value.” I also read everything published by Michael Mauboussin, GMO, and Howard Marks.
Otherwise, I rely on Tadas at Abnormal Returns for all my daily reads.
Tom Brakke, the research puzzle, @researchpuzzler:
The Nature of Value by Nick Gogerty.
Conor Sen, Conor Sen, @conorsen:
Nothing specific at the moment. My current interests revolve around what sorts of issues and values the rising Millennial generation will care about, and how that’ll impact the economy and politics/our cities. The economic picture over the next 1-2 years seems pretty cut and dried to me — finally getting that real expansion which will lead to credit/wage growth and higher interest rates.
Cullen Roche, Pragmatic Capitalism, @cullenroche:
At a time when everything in the economy and the markets looks stable, I am reading Hyman Minsky’s “Stabilizing an Unstable Economy” to remind myself that stability creates instability.
Wesley R. Gray, Ph.D., Alpha Architect, @alphaarchitect:
I stick to source academic studies . Some of my favorites:
Journal of Finance: http://www.afajof.org/journal/forthcoming.asp
Journal of Financial Economics: http://papers.ssrn.com/sol3/JELJOUR_Results.cfm?form_name=Pip_jrl&journal_id=138350&Network=no&SortOrder=ab_approval_date&stype=desc
NBER Working Papers: http://www.nber.org/papers.html
MIT working papers: http://papers.ssrn.com/sol3/JELJOUR_Results.cfm?form_name=journalbrowse&journal_id=264151
SSRN Practitioner Journal: http://papers.ssrn.com/sol3/JELJOUR_Results.cfm?form_name=journalBrowse&journal_id=237919
SSRN CRSP Working Papers: http://papers.ssrn.com/sol3/JELJOUR_Results.cfm?form_name=journalbrowse&journal_id=179253
Jeff Miller, A Dash of Insight, @dashofinsight:
have recently read Flash Boys, Think Like a Freak, and The Upside of Down. I enjoyed them all and found them to be helpful for investors. I hope to write reviews. I am currently reading Clash of the Financial Pundits.
Halfway through Nick Tosches’ fantastic bio of Dean Martin and just finished Good Prose: The Art of Non-Fiction, but honestly I have become more of a podcast junkie over the last year. Of course I listen to the “holy trinity” — Marc Maron’s WTF, The Adam Carolla Show, and Chris Hardwick’s The Nedist — but I’ve also found some hidden gems. The Andreessen Horowitz podcast a16z is great for technophiles and VC’s. The infrequent but hilarious Dana Gould Hour makes me laugh out loud. And like everything he does, The James Altucher Show is brilliant. But the money shot here is The Champs hosted by Chapelle Show co-creator Neil Brennan, which though ostensibly about rap music, is so insanely funny that anyone can appreciate it.
Jeff Carter, Points and Figures, @pointsnfigures:
Because of the 70th aniv of DDay, I have read Pegasus Bridge (Ambrose) and The Dead and Those About to Die (McManus). My friend Walt Ehlers, who passed away in Feb, was a part of the Big Red One, so I had a personal attachment to the story. Also like Predictable Revenue and The Circle.
Thanks to everyone for their participation this entire week. I will follow up with answers to all these questions at a future date.