General Investing Resources
NOTE: Starred material (*) is particularly important.
*Advice: The Best of Warren Buffett
*Articles/Tips On Investing
Books On Investing - Particularly Good
Books On Investing - More
Breaking Into A Career In Finance
Books On Investors
Company Financial Information Websites
Economic Data
Famous Investors
Financial Analyst Rankings
Financial Information
Financial Statements (Where Warren Buffett Lives)
Investing Clubs & Student Managed Investment Funds (SMIFs) - MBA & Undergraduate (A great source of investing information.)
*Market Analysis - Macro Outlook (& Macro Announcement Calendar)
*Market Analysis - Market Valuation
Market Analysis - Market Valuation & Macro Outlook - Annual & Semi-Annual
Market Analysis - Market Valuation & Macro Outlook - Monthly
News - Company, Economic, and Market - Daily Summary
News - Company (Also, see "News - Economic and Market" below.)
News - Economic and Market
Online Brokerage Account Comparison
*Stock Picking Guide With Links To Stock Information Websites
Stock Analysis by Students
*Valuation - Basics
*Valuation - Comparable Company Analysis
*Valuation - DCF Approach and Financial Modeling
*Valuation - Warren Buffett's Approach
Warren Buffett - Speeches and Writings
Warren Buffett - Videos
*Advice: The Best of Warren Buffett
*Articles/Tips On Investing
- *8 Ways To Think Like Warren Buffett
- *11 Investing Lessons From Peter Lynch
- *Buffett on Moats and Share of Mind: See pages 6 - 10 of Buffett's U of F speech.
- *On P/E Ratios
- *Summary of The Warren Buffett Way
- *Summary of Benjamin Graham's Investing Methodology
- *Summary of Phillip A. Fisher's Investing Methodology
- *Summary of Warren Buffett's Investing Methodology
- *Summary of Seth Klarman's Investing Methodology: here and here.
- *Warren Buffett's University of Florida Talk, October 1998
Books On Investing - Particularly Good
- Note: You can buy used hard cover books in high quality condition from online retailers -- they tend to be cheap and last a long time.
- *The Warren Buffett Way
- Summary: From page five on is particularly useful.
- *One Up On Wall Street, by Peter Lynch.
- *The Intelligent Investor, by Benjamin Graham: Warren Buffett has said about chapters 8 and 20: "They are more important than everything that’s been written on investments, in my view, before or since." The source, a 32 page speech given by Mr. Buffett at the University of Notre Dame, is here.
Books On Investing - More
- *A Random Walk Down Wall Street, by Burton Malkiel: Unlike the others in the list, this book is more of a personal finance book and overview of investing and the stock market, including an interesting discussion over the usefulness of spending time researching / investing-in individual stocks rather than in a well diversified mutual fund.
- *Beating the Street, by Peter Lynch: In particular, Chapters 4 - 7, "25 Golden Rules," and "Postscript."
- *Common Stocks And Uncommon Profits, by Philip A. Fisher: The first review at the link, by Richard Stoyeck, is an interesting quick read.
- *Conservative Investors Sleep Well, by Philip A. Fisher: Buffett recommends this book, and the above book also by Fisher, on the bottom of page two of Mr. Buffett's October 2003 Wharton Talk.
- *Seth Klarman's Margin of Safety: There are summaries here and here.
- *The Essays of Warren Buffett
- *The Little Book That Still Beats The Market, by Joel Greenblatt
- *Value Investing, by Bruce Greenwald, Judd Kahn, Paul Sonkin, and Michael Van Biema
- And some links to lists of books:
Breaking Into A Career In Finance
Books On Investors
Company Financial Information Websites
Economic Data
- Bureau of Economic Analysis
- Economagic
- Fred (Federal Reserve Economic Data): Or just do a google search for the economic data you are looking for with "Fred" in the search.
- Robert Schiller
Famous Investors
- *A Ranking Of The Greatest Investors
- Profiles Of Some Famous Investors
- Forbes Magazine Article On Some "Legendary" Investors
Financial Analyst Rankings
- Institutional Investor Magazine All-American Research Team: Once you have found a company you like, check here to find the top analysts who follow the company. Then do a Google search with the each analyst's name and the name of the company to see if you can find an interview or other information source where you may be able to pick up any insight from the analyst on the company.
Financial Information
- 2013 Nobel Laureate Robert Schiller's Free Online Course
- Damodaran Online: Thank you Professor Damodaran!
- Investopedia: A great place to look up definitions.
Financial Statements (Where Warren Buffett Lives)
Investing Clubs & Student Managed Investment Funds (SMIFs) - MBA & Undergraduate (A great source of investing information.)
- Berkeley Investment Group
- Columbia Financial Investment Group
- CWU Investment Group (Central Washington University)
- Duke University Investment Club
- The Harvard Financial Analyst Club
- Harvard Investment Association and Fund
- MIT Quantitative Finance Club
- Stern Investment Club (New York University Stern School of Business)
- The Blue Chips (University of Chicago)
- Trinity University Student Managed Investment Fund
- University of Oregon Investment Group
- Wharton Investment & Trading Group (The Wharton School of the University of Pennsylvania)
*Market Analysis - Macro Outlook (& Macro Announcement Calendar)
- Macro Analysis / Investment Outlook
- Aswath Damodaran: Musings on Markets
- Ed Hyman
- *Ed Yardeni (Thank you very much Mr. Yardeni!): *Blog, Consumer Confidence, Consumer Confidence Current & Expectations, Earnings Surprise Monitor, S&P 500 Forward Earnings & The Economy, S&P 500 Sectors Net Earnings Revisions, S&P 500 Trailing P/E Ratios, Stock Market Indicators, U.S. Economic Indicators - Animal Spirits, Valuation Models, Weekly Forward Earnings & Valuation
- Nancy Lazar
- Nouriel Roubini
- Paul Krugman
- Macro Announcement Calendar
*Market Analysis - Market Valuation
- Damodaran Online: Market & Industry Valuation Measures (See the "Mulltiples" topic on the bottom of the page.)
- *Macrotrends: Graph of S&P 500 vs Earnings
- *Mulltpl.com: S&P 500 P/E Ratio
- Shiller PE Ratio: "Price earnings ratio is based on average inflation-adjusted earnings from the previous 10 years, known as the Cyclically Adjusted PE Ratio (CAPE Ratio), Shiller PE Ratio, or PE 10."
- *Ed Yardeni: See "Macroeconomic Analysis / Investment Outlook" above.
Market Analysis - Market Valuation & Macro Outlook - Annual & Semi-Annual
Market Analysis - Market Valuation & Macro Outlook - Monthly
- Fred Hickey, Editor of The High-Tech Strategist
- Gloom Boom Doom by Marc Faber
- Jim Grant's Interest Rate Adviser
- InvesTech Research
- SentimenTrader
News - Company, Economic, and Market - Daily Summary
News - Company (Also, see "News - Economic and Market" below.)
News - Economic and Market
- Internet Based
- CBS MoneyWatch
- MarketWatch
- Seeking Alpha
- Yahoo Finance
- Others: Bloomberg Business, CNBC, CNN Money, Google Finance, Reuters, TheStreet
- Magazines
- Newspapers
Online Brokerage Account Comparison
- Barron's Magazine's Brokerage Ranking: Check the ranking to see which brokerages have the best research ranking. Then, if you open an account you can access the free research.
*Stock Picking Guide With Links To Stock Information Websites
Stock Analysis by Students
- Berkeley Investment Group
- Duke Investment Club: Click on the company name in the list.
- University of Oregon Investment Group
*Valuation - Basics
*Valuation - Comparable Company Analysis
*Valuation - DCF Approach and Financial Modeling
- DCF Basics (Mostly by Professor Damodaran. Thank You Professor Damodaran!)
- DCF Overview
- DCF Basics 1
- DCF Basics 2
- DCF Basics 3
- DCF Basics 4
- DCF Assumptions
- DCF Inputs
- DCF Models (See below)
- DCF Models - Common Errors
- DCF Myths: Myth 1, Myth 2, Myth 3
- DCF Uncertainty
- Special Topics
- *Return on Invested Capital and Return on Incremental Capital: here and here
- Valuation - The Dark Side (Firms with no Earnings, no History, and no Comparables)
- Financial and DCF Modeling
- Overview of Financial Modeling: Corporate Finance Institute
- Damodaran
- Maccabus
- Breaking Into Wall Street (Fee based)
- Wall Street Prep (Fee based)
*Valuation - Warren Buffett's Approach
- An (Over?) Simplified Approach To Valuing Stocks: Assume no earnings growth when calculating the terminal value, use a discount rate of 10%, and don't invest unless the value is over 50% above the current stock price. That's something like a "margin of safety."
- Discount Rate: See the bottom of page 2 of these 2005 Tilson meeting notes.
- Maintenance Capex: Here or here.
- Owner Earnings
Warren Buffett - Speeches and Writings
- 5 things I’ve learned from Charlie Munger: OK, it's not Warren Buffett. But it's Mr. Buffett's trusted partner and investment adviser Charlie Munger. Mr. Munger has a lot of good things to say about investing and has been an important source of feedback for Mr. Buffett over the years. I wish I had a Charlie Munger as an investment partner. From author David Clark at MarketWatch.
- 50 best things Warren Buffett told investors over past 50 years: From Charles Passy at MarketWatch. To avoid all of the clicks at the MarketWatch website, view using the browser in your mobile phone.
- Berkshire Hathaway - An Owner's Manual: Warren Buffett's Approach to Managing Berkshire Hathaway, the conglomerate holding company of which he is the Chair, President, & CEO. Berkshire is the fifth largest company in the world according to the Forbes Global 2000 list. Mr. Buffett is one heck of a CEO in addition to investment manager.
- Buffett FAQ: Quotes, Writings, and Speeches by Warren Buffett organized by topic.
- Charlie Munger's 4 Investing Tenants: One, Two, Three, Four, and a dozen lessons to boot. Thank you Mr. Griffin!
- On Discount Rates: Thank you Mr. Griffin!
- The Superinvestors of Graham-and-Doddsville: Warren Buffett's argument for why he isn't just lucky.
- Warren Buffett Archive: A searchable database of videos, annual meetings, interviews, etc.
- Warren Buffett's University of Florida Business School Talk, October 1998
- Writings and Speeches by and About Warren Buffett: Thank you Mr. Tilson!
Warren Buffett - Videos
- University of Florida talk
- University of Georgia talk
- Interview of Mr. Buffett by Charlie Rose
- An excerpt here
- Warren Buffett's Top 10 Rules For Success (A compilation of video clips.)