Resources
Compiling a list of recommendations I’ve pointed people to over years of being asked.
Starting out
The Psychology of Money by Morgan Housel. Doing well with money is a matter of behavior, not math.
The Most Important Thing by Howard Marks. Teaches you how to think about risk.
Thinking in Bets by Annie Duke. A professional poker player’s guide to making better decisions when you have imperfect information.
Fooled by Randomness by Nassim Taleb. How to tell skill apart from luck.
Valuing a business
Aswath Damodaran NYU professor and leading valuation expert. He generously posts his full courses, lectures and spreadsheets on his website for free.
One Up on Wall Street by Peter Lynch. How and where individual investors have advantages that the professionals don’t have.
Learn from the best
Li Lu’s Columbia lecture The only investment manager Charlie Munger trusted with his own money.
Nick Sleep’s Nomad letters He ran a fund concentrated in only a few names and held with conviction when everyone told him he was wrong.
Stanley Druckenmiller interview Insights into macroeconomics and the market.
Using AI for investing
One Useful Thing by Ethan Mollick. My favorite newsletter for staying up to date on what these tools can and can’t do.
Anthropic’s research on sycophancy An AI model will always agree with you, even when you change your mind, and the reason is because it’s been trained to do so.
J.P. Morgan on LLMs for equity ratings Their research found that feeding the model news headlines made its stock ratings worse.