What I'm Reading
We are living in the age of information, but if you don’t step carefully, then it can easily become the age of misinformation. This is especially true in the finance industry where most professionals aren’t fiduciaries who are legally required to act in your best interest. At TFG we make money with our clients not off our clients, but that isn’t yet industry standard. Because of this, there is an abundance of false and misleading information espoused by people who are interested in selling you products inappropriate for your situation so they can make a buck. In an effort to guide you towards reliable and helpful info, I’m compiling a list of books, blogs, and YouTube videos I often use to guide my thinking on financial matters and life in general. I’ll update the list as we move forward.
First and foremost, if you want to learn how to become a successful investor, then why wouldn’t you start your journey here? The Berkshire Hathaway annual shareholders’ meetings from 1994 to present are all recorded and free to watch on YouTube. I cannot begin to describe the value of these meetings. Suffice to say each one is mostly comprised of a Q and A with the two most successful investors of all time. Hours and hours of Berkshire shareholders questioning Warren and Charley about investing, finance, and life. Absorb their philosophies and you can graduate from a white-belt to a blue-belt investor in no time. It’s honestly shocking these meetings don’t have more views.
These next two are for investing in yourself “Can’t Hurt Me” and “Extreme Ownership.” They are written by David Goggins and Jocko Willink respectively. Both incredible Navy Seals. I consider these two men to be the highest authority on discipline, and if there’s any character trait an investor must have to succeed it is discipline. If you need a little inspiration, then read Goggins. Think your life has been difficult? Read “Can’t Hurt Me” and you might just change your mind. David Goggins is an expert in the inner workings of the human condition. He can turn any horrible thing that has happened to him into fuel to succeed. Jocko’s book “Extreme Ownership” is a field manual on discipline and leadership. Each chapter has a war story, a principal, then a business story where the principals are applied to the civilian world.
Back to finance. “The Psychology of Money” written by Morgan Housel is a collection of fascinating stories with many lessons and deep implications. “The Little Book of Common Sense Investing” is written by John Bogle, the founder of the index fund. Bogle is a modern day saint. If you’re interested in the business of investing and the finance industry, then this is an absolute must read. “Just Keep Buying” by Nick Maggiulli is a more data driven approach to examining saving and investing.
Disclaimer: none of these books are particularly mathematically intensive. I hope you enjoy them and learn something valuable you can use in your everyday life. Also, Nick Maggiulli and his colleague Ben Carlson who both work in wealth management each write blogs: “Of Dollars and Data” and “A Wealth of Common Sense” respectively. You can find a well informed unbiased opinion on probably anything you can think of and more. I’d highly recommend checking them out. Thanks for reading.