netnet Posted December 17, 2013 Share Posted December 17, 2013 During the holidays this year, a youngish cousin (just turned 20) is coming over for a family dinner. He is a business and economics major. I want to get him interested in value investing as well as Buffett and Munger. What is the best introduction to get him on this "path of virtue". I did send him copies of "Elementary Worldly Wisdom" last year. Suggestions? I'm thinking biographies as the first "hook"-- like "Damn Right". Link to comment Share on other sites More sharing options...
jschembs Posted December 17, 2013 Share Posted December 17, 2013 I think Graham's Intelligent Investor (Zweig revised edition) offers a great way to think about investing, while Zweig's appendices help refresh some of Graham's language and examples. Link to comment Share on other sites More sharing options...
enoch01 Posted December 17, 2013 Share Posted December 17, 2013 Roger Lowenstein's biography is very good. http://www.amazon.com/Buffett-The-Making-American-Capitalist/dp/0812979273 Link to comment Share on other sites More sharing options...
skanjete Posted December 17, 2013 Share Posted December 17, 2013 During the holidays this year, a youngish cousin (just turned 20) is coming over for a family dinner. He is a business and economics major. I want to get him interested in value investing as well Buffett and Munger. What is the best introduction to get him on this "path of virtue". I did send him copies of "Elementary Worldly Wisdom" last year. Suggestions? I'm thinking biographies as the first "hook"-- like "Damn Right". Damn Right is great. Even greater is Poor Charlie's almanack, but these two aren't the easiest kind of books to start with. There is simply to much wisdom in it to get it in one go. The snowball is easier to digest I think. But the best for a business student is the raw stuff itself : the Buffett shareholder letters. Link to comment Share on other sites More sharing options...
Packer16 Posted December 17, 2013 Share Posted December 17, 2013 I like the II but some of Zweig's commentary is off mark (given that he is an efficient market guy). For a starter, I would give him an edition without Zweig's commentary. Packer Link to comment Share on other sites More sharing options...
LC Posted December 17, 2013 Share Posted December 17, 2013 I usually suggest to my friends Intelligent Investor followed by Klarman's Margin of Safety (or Greenblatt's Little book), and then Buffett's partnership letters. II: Provides the basic framework MoS/Little Book: Provide real-world examples Buffett letters: Provides lessons from the master himself ;D Link to comment Share on other sites More sharing options...
PullTheTrigger Posted December 17, 2013 Share Posted December 17, 2013 For an extremely quick read, the article, "The Superinvestors of Graham-and-Doddsville" by Buffett. Link to comment Share on other sites More sharing options...
Kraven Posted December 17, 2013 Share Posted December 17, 2013 I like the II but some of Zweig's commentary is off mark (given that he is an efficient market guy). For a starter, I would give him an edition without Zweig's commentary. Packer Completely agree. The man's words need to be read without forcing Zweig's views on top of them. Link to comment Share on other sites More sharing options...
west Posted December 17, 2013 Share Posted December 17, 2013 Roger Lowenstein's biography is very good. http://www.amazon.com/Buffett-The-Making-American-Capitalist/dp/0812979273 +1 This book is a great introduction for investing. It's very readable, stays on the point and isn't too long (I'm looking at you, Snowball), and isn't technical at all. While it isn't too great with the nitty-gritty details, I think that's part of the reason why it's so perfect for new people. It gives you an understanding of the value investing mindset, and has a tendency to give people the Buffett bug. And for new people, that bug is what drives them to find out more. And wanting to find out more is what's really important :) Link to comment Share on other sites More sharing options...
matjone Posted December 17, 2013 Share Posted December 17, 2013 Did he ever say anything about "Elementary Worldly Wisdom"? I don't know if there's anything to get people interested. It seems like they are either interested or they are not. When I got interested in value investing I was so excited I started sending stuff to other members of my family. No one said a word about any of it. PullTheTrigger may be on to something, show him the returns achieved by those investors and maybe give him some examples of what his net worth would look like if he can compound at close to those rates. Perhaps mentioning some stories of good investors you know would help as well. If you find a way that works I'd like to hear what it is. Link to comment Share on other sites More sharing options...
CorpRaider Posted December 17, 2013 Share Posted December 17, 2013 I like the suggestions of the superinvestors article, Greenblatt's first two books and the lowenstein ones moreso than the straight biographies to help spark/stoke the initial interest. Link to comment Share on other sites More sharing options...
Carvel46 Posted December 17, 2013 Share Posted December 17, 2013 Why do we sell low and buy high?: The guide you must read before you invest Amir Avitzur (Author) http://www.amazon.com/Why-sell-low-buy-high/dp/0615591078/ref=tmm_pap_title_0 It's short (100 pages) and geared as an intro. Pretty good. I gave it to some friends and family. A few seem to have understood some value investing concepts. Link to comment Share on other sites More sharing options...
redskin Posted December 17, 2013 Share Posted December 17, 2013 I think Hagstrom's 'The Warren Buffett Way' is a good place to start. Link to comment Share on other sites More sharing options...
NeverLoseMoney Posted December 17, 2013 Share Posted December 17, 2013 For an introduction I think "Value Investing Made Easy" by Janet Lowe is a good choice. She has also written "Warren Buffett Speaks", but I have not read that one. And I also vote for "The Superinvestors of Graham-and-Doddsville" as an antidote for the efficient market theories. Link to comment Share on other sites More sharing options...
OracleofCarolina Posted December 17, 2013 Share Posted December 17, 2013 http://www.amazon.com/Buffett-American-Capitalist-Roger-Lowenstein/dp/067941584X/ref=tmm_hrd_title_0?_encoding=UTF8&sr=&qid= I 2nd the Lowenstein recommendation, but buy the hardback, you can get for 50 cents plus the $4 shipping on Amazon and maybe follow up with The Dhando Investor by Pabrai. That will give a good start and can continue with Buffett's letters or Tap Dancing to Work. Cheers, Jason Link to comment Share on other sites More sharing options...
Yours Truly Posted December 17, 2013 Share Posted December 17, 2013 Lay it thick to them and recommend the Snowball! All kidding aside, I''d say either Buffett The Making of an American Capitalist or Tap Dancing to Work. I'd vote for the former being that its more autobiographical, whereas the latter is more educational. Link to comment Share on other sites More sharing options...
Valuebo Posted December 17, 2013 Share Posted December 17, 2013 Haven't read any of the others comments but I'd say: Give him anything from the classics. If he's really interested he'll read it and look for more no matter what good book/paper/letter to shareholders you gave him. It's true what they say about value investing, you either get it right away or you never do. I've given up trying to convert "investing" friends and others into value investors. Generally the invested time is a waste and for those that it is not, a single recommendation and brief explanation is enough anyway. Link to comment Share on other sites More sharing options...
netnet Posted December 18, 2013 Author Share Posted December 18, 2013 Great suggestions. I 2nd the Lowenstein recommendation I completely forgot the Lowenstein book. Did he ever say anything about "Elementary Worldly Wisdom"? He is normally pretty taciturn, but he said, "that is one smart, old dude" (I had to chuckle.) Link to comment Share on other sites More sharing options...
bookie71 Posted December 18, 2013 Share Posted December 18, 2013 If you can find an old copy of "The Money Masters" by John Train (original one as he has had updates), it was my introduction to WEB. Then have him read some of the early letters to shareholders on the web site. I believe the early ones were better because the size was much smaller and the companies such as See's , Furniture mart were much easier to understand. Link to comment Share on other sites More sharing options...
rayfinkle Posted December 22, 2013 Share Posted December 22, 2013 I always recommend reading buffet's letters (compiled for $2.99 on kindle!) and amazon's shareholder letters. Neither is really heavy on "valuation" but both are rich with business 101 & competitive thinking. Link to comment Share on other sites More sharing options...
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