Digital Resources
Here are some of my favorite digital resources for investors. As someone who came to investing from a non-traditional route I view each of these resources as part of my core investing education. If you have any recommendations for the list please send them over.
Buffett Letters: These have to be at the top of every investor’s reading list. This links to the Berkshire website that has the letters dating back to 1977. Don’t be so quick to judge the simplicity of the website, because remember that a penny saved is more than a penny earned in Warren’s hands.
Berkshire Meetings: The Berkshire meetings are extremely educational as well as entertaining! CNBC has recordings of the Berkshire meetings going back to 1994. Once I discovered Warren and Charlie I set a goal for myself to watch all of the meetings. At about one meeting a week it took about 6 months. This links to the CNBC’s Buffett archive.
Khan Academy’s Finance and Capital Markets Course: An amazing course for those just starting out in investing. Sal is a great teacher and gives a condensed version of an MBA. I took it over the course of about 6 months when I started out in investing. This links to the free course.
Professor Damodaran’s NYU Courses: Professor Damodaran teaches Corporate Finance, Valuation, and Investment Philosophies at NYU’s Stern School of Business. Every semester he records and posts his courses for free on YouTube. He has explained in interviews that the university doesn’t like that he does this but as he explains, he has tenure and is a very popular teacher so they accept it. If you take the courses you will see why, he is an exceptional teacher. This links to his YouTube home page.
Nomad Partnership Letters: Perhaps besides Buffett’s letters to shareholders, these are the best i’ve read. Nick and Zack are exceptional investors, writers, and people. The letters to their partners go from 2001 to 2014 when they shut down their partnership. I learned a great deal from how they think and invest. This links to Nick’s Foundation’s website.
Howard Marks’ Memos: I have learned a tremendous amount from Howard Marks over the years. Although he is primarily a fixed income investor his investment philosophy translates well to equity investors. Howard has been a very generous teacher over the years and has written a couple books that I highly recommend and has been a guest on numerous podcasts; but perhaps he is most famous for his memos. Oaktree has all of his memos archived going back to the original in 1990. This links to the archive on Oaktree’s website.
How the Economic Machine Works: This short video by Ray Dalio condenses an entire Macro Economics course into just 30 minutes. In this video Ray explains how the economy works in a simple and easily digestible format. By highlighting its main drivers Ray details the balancing act that is always at play between productivity, short term cycles, and long term cycles. This links to Ray’s video on YouTube.