Let\'s Read
 

I'd like to suggest that we start a reading club of sorts to see if we can learn a few things together.

My thoughts are that we could all read a book, have a discussion leader do a chapter by chapter review (maybe opening discussion by posting about 1 chapter every couple of days), summary and discussion... with the intent of creating a basic plan of action around whatever the subject of the book might be. We can then modify, clarify and expand on this plan with each book read as new information adds to our knowledge.

First, is there any interest in doing this?

Second, post some books you think would be good for this... and the order you think would be best to read them. (my thought would be to start with a basic book on personal finance and then move on to specific areas of investment types and styles that people are interested in)

Third, are there any books that you would want to lead the discussion?

Thoughts?

Re: Let\'s Read
 

I like the idea. As a (selfish) suggestion, perhaps we could start with Security Analysis? I think doing something like this would be most effective if we choose books that we might not otherwise get through outside the group, though perhaps starting with something shorter/easier/less 'textbook' would get more people involved.

Re: Let\'s Read
 

Just expressing my interest in doing this, i think its a great idea.

Re: Let\'s Read
 

I'd be up for this. My perspective would be as a beginner though :]

Re: Let\'s Read
 

I'm in.

Re: Let\'s Read
 

[ QUOTE ]
Third, are there any books that you would want to lead the discussion?


[/ QUOTE ]

Ive already read the intelligent investor, but its sitting here begging me to read it again. I think its a good starting ground (and there are probably a good amount of chapters we can gloss over)

Re: Let\'s Read
 

I also have the Intelligent Investor. I began reading it but have not had time to finish so this would be a great way to motivate me to read the book if you choose to discuss it.

I am also open to reading other books.

Re: Let\'s Read
 

[ QUOTE ]
I'd like to suggest that we start a reading club of sorts to see if we can learn a few things together.

My thoughts are that we could all read a book, have a discussion leader do a chapter by chapter review (maybe opening discussion by posting about 1 chapter every couple of days), summary and discussion... with the intent of creating a basic plan of action around whatever the subject of the book might be. We can then modify, clarify and expand on this plan with each book read as new information adds to our knowledge.

First, is there any interest in doing this?

Second, post some books you think would be good for this... and the order you think would be best to read them. (my thought would be to start with a basic book on personal finance and then move on to specific areas of investment types and styles that people are interested in)

Third, are there any books that you would want to lead the discussion?

Thoughts?

[/ QUOTE ]

This is a terrific idea; I'd be interested. Along with the others who've suggested it thusfar, The Intelligent Investor would be highest on my list as well, and it seems like a logical place to start. I've gotten the audiobook version of it and listened to it that way, but I was planning to read it from the written book now anyway (basically I saw the audiobook as a way to get a broad understanding in my head before really getting the book under my belt). Also, the existence of an Intelligent Investor thread on here as a sticky would likely be a useful thing for all those "what books should I read" posts that this forum gets.

I would also be open to reading other books, though.

-bb.

Re: Let\'s Read
 

After Intelligent Investor, I would like to see an analytic discussion of:

Common Stocks and Uncommon Profits (Fisher)

Fooled by Randomness (Taleb)

Re: Let\'s Read
 

I'm interested, as long as the books chosen provide some insight/knowledge/theory, and not just fluffy "motivation."

Suggested; Intelligent Investor, A Random Walk Down Wall Street, Fooled by Randomness.

Re: Let\'s Read
 

The Intelligent Investor is a classic investing text.

Re: Let\'s Read
 

[ QUOTE ]
After Intelligent Investor, I would like to see an analytic discussion of:

Common Stocks and Uncommon Profits (Fisher)

Fooled by Randomness (Taleb)

[/ QUOTE ]

of taleb's works, I'd rather discuss Dynamic Hedging, but the above would be ok

Re: Let\'s Read
 

I'm in

Re: Let\'s Read
 

I'm interested in joining in, despite my low level of understanding. Hopefully my contribution can be some good questions to discuss! [img]/images/graemlins/smirk.gif[/img]

Re: Let\'s Read
 

The only problem I see that most books will far into one of two categories: passive investing in mutual funds/ETF's, a set it and forget it approach; or active stock picking and/or trading.

It might almost be better to have separate reading lists... but I'm sure I could be convinced otherwise...

Re: Let\'s Read
 

Start with macro investment considerations -- e.g., asset allocation and diversification -- and then move to micro investment issues --e.g., security selection.

I'd suggest the following for the macro study.

*Winning the Loser's Game* by Charles Ellis
*Asset Allocation* by Roger Gibson
*The Intelligent Asset Allocator* by William Bernstein

Re: Let\'s Read
 

I'll go to the library tomorrow to pick up the intelligent investor, since everybody seems to like that one. I'm game for that book or another.

Re: Let\'s Read
 

Asset Allocation by Gibson falls under the advanced category.

Re: Let\'s Read
 

[ QUOTE ]
Asset Allocation by Gibson falls under the advanced category.

[/ QUOTE ]

if we're creating an advanced category, i nominate "dynamic asset pricing theory" by duffie.

Re: Let\'s Read
 

Cool, I'm in!

Re: Let\'s Read
 

Great idea. I'm definately interested.

Re: Let\'s Read
 

*bump*

Hope this idea doesn't die on the vine...

-bb.

Re: Let\'s Read
 

I got Interpretation of Financial Statements and The Intelligent Investor in the mail today.

Re: Let\'s Read
 

Quick update... the idea is certainly not going to die... I've asked Mr. Now to coordinate the effort of putting together a roadmap and leading the charge. I expect that this will be an exciting and educational project for us all!

Re: Let\'s Read
 

I'm in for Intelligent Investor. If we don't do that one, I'm still in.

Re: Let\'s Read
 

[ QUOTE ]
I'd be up for this. My perspective would be as a beginner though :]

[/ QUOTE ]

Re: Let\'s Read
 

To all readers,

Tomorrow I post the Official Finance Reading Thread. In this post I lay out the vision and specific structure of the group participatory reading on Finance.

Finance and investing are wide-scope topics and our reading will cover a lot of ground in a way that serves as many readers as possible.

If you have passion and deep/wide knowledge on a specific personal finance topic, I want to hear from you now if you have strong interest in leading discussion on your specific finance and investing topic. Please PM me now and let me know if you want to lead out on your specific topic of interest.

I look forward to hearing from you as we kick this off. We start off with the first book on April 17.

Watch for my Official post tomorrow.

Re: Let\'s Read
 

[ QUOTE ]
I'm in for Intelligent Investor. If we don't do that one, I'm still in.

[/ QUOTE ]

Re: Let\'s Read
 

Certainly value-investing is an important topic that will make it into the syllabus.

I'm hoping to hear from buffett and DesertCat on this topic per my 1-ago post on this thread.

Re: Let\'s Read
 

[ QUOTE ]
value-investing ... buffett and DesertCat

[/ QUOTE ]
Don't forget FatOtt and Hawk59. (apologies to others I may be forgetting) They may not be as talkative as us, but they're just as, if not more, competent.

Re: Let\'s Read
 

looking forward to it

Re: Let\'s Read
 

This is a wicked idea. It's already caused me to buy three of the mentioned books, and i'm sure the schedule/roadmap will keep my reading on track also. I've quit poker for about a month now, and this is a great thing to fill my time with.

Thanks!

Re: Let\'s Read
 

personal finance concepts, personal financial planning, finance theory, quant analysis, risk management theory, efficient market theory, modern portfolio theory; investing styles such as value, momentum, GARP etc; trading psychology, real estate concepts:

These are some of the most useful topics you can understand as you execute on each stage of adult economic life. It is absolutely appalling how little the average person understands about financial topics. Knowledge and understanding of a core minimum of this subject matter can have a profound positive influence on the quality of life.

Just one timeless financial concept, properly applied, can be worth hundreds of thousands over your lifetime. Several such concepts, well understood and properly applied, are literally worth millions over the lifetime of a typical person of average means and intelligence.

Re: Let\'s Read
 

I strongly encourage members with specific expertise and passion for specific "financial" subject matter to contact me by PM if they are interested in book selection, facilitating reading and facilitating subsequent discussion on the subject. This program is long-term in scope and is to cover some very diverse subject matter. I am looking for those truly passionate about their specific topic who are also great explainers in print.

Immediately, I am seeking someone who can lead a discussion on Personal Finance and Financial Planning.

Definition:
Personal finance is the application of the principles of financial economics to an individual's (or a family's) financial decisions. It asks, "How much money will you need at various points in the future?" and "How do you go about getting that money?". It deals with questions like: * What is my annual income?* How can I increase my income?* What are my annual expenses?* How can I reduce my expenses?* How do I best budget my available income each year?* How much money can I save each year? ...

http://en.wikipedia.org/wiki/Personal_finance

Re: Let\'s Read
 

I'm glad this is going to happen; thanks for taking up the lead...

-bb.

Re: Let\'s Read
 

you are welcome. away we go.

Re: Let\'s Read
 

This looks to be a very educational experience. I've already got a copy of "The Intelligent Investor" and am looking forward to contributing and also expanding my library based on others recommendations. Time to sticky this thread.

Re: Let\'s Read
 

[ QUOTE ]
Start with macro investment considerations -- e.g., asset allocation and diversification -- and then move to micro investment issues --e.g., security selection.

I'd suggest the following for the macro study.

*Winning the Loser's Game* by Charles Ellis
*Asset Allocation* by Roger Gibson
*The Intelligent Asset Allocator* by William Bernstein

[/ QUOTE ]
Asset Allocation and Intelligent Asset Allocator are both a bit advanced. They're good, but advanced.

All 3 of these are the same idea. The Four Pillars of Investing by William Bernstein is good and more suitable for a wider audience.

In terms of Personal Finance concepts, maybe a better place to start, and a good book is The Automatic Millionaire by David Bach. Maybe even a Suze Orman book, maybe The Money Book for the Young, Fabulous & Broke. "Aimed specifically at "Generation Broke"--those in their twenties and thirties who are working yet buried in credit card debt and student loans--this user-friendly guide offers a clear introduction to practical investing and money management techniques that can turn even a dismal financial situation around."

I think definitely a personal finance book should instruct people in creating their own Net Worth statement and reviewing it periodically; at least once per year.

-Tom

Re: Let\'s Read
 

How is this going to work?

I think maybe assign the first 5 chapters by sunday, then someone leads the discussion for a week, then the next 5 chapters by the next sunday, etc etc.

Discussion could be led by something like "name the single most important thing you learned from each chapter" or "of the first 5 chapters what is the best part you read and what is the worst thing"

But I really have no idea how book discussions go so im just throwing that out there.

Re: Let\'s Read
 

[ QUOTE ]
In terms of Personal Finance concepts, maybe a better place to start, and a good book is The Automatic Millionaire by David Bach. Maybe even a Suze Orman book, maybe The Money Book for the Young, Fabulous & Broke. "Aimed specifically at "Generation Broke"--those in their twenties and thirties who are working yet buried in credit card debt and student loans--this user-friendly guide offers a clear introduction to practical investing and money management techniques that can turn even a dismal financial situation around."

[/ QUOTE ]

I'm willing to lead off the reading with Bach's The Automatic Millionaire, as I think that helps to set a foundation for the more intermediate and advanced topics, if others think thats a good way to go!

MrNow is working on an Roadmap/Outline for the reading, but I would also be interested (as I'm sure he would) in other's opinions on how to break this out, as well as volunteers to lead certain topics.

Jively, also if you could provide a reading list for passive index type investing, I would like to add that to the reading list sticky!