The Philosophical Investor

Living in Southern California, Gary Carmell has become very familiar with tectonic shifts: cataclysmic changes in the earth's crust that cause earthquakes and tsunamis. Carmell has also experienced numerous tectonic shifts in the economic landscape in his nearly thirty-year investing career. Correctly anticipating economic trends has allowed his real estate investment and management firm, CWS Capital Partners LLC, to grow from assets of $250 million in the late 1980s to over $3 billion today. CWS foresaw the collapse of manufactured housing in the late 1990s and anticipated a massive shift from homeownership to renting, prompting them to reposition aggressively for growth in apartment construction and management. Carmell feels special pride in the results his company's delivers for its investors, as a result--long-term average annual returns exceed 13 percent--even during the Great Recession of 2007-2009. Navigating turbulent economic markets and experiencing his two-year-old son's near-fatal stroke has taught Carmell that real success requires not only financial acumen, but also deep reflection. He credits Shakespeare, Hume, and Schopenhauer as his mentors, with more modern sages like Buffett, Soros, and Munger also guiding his actions. In The Philosophical Investor: From Wisdom to Wealth, he shares the insights he has gained along the way in the hope of inspiring a new cadre of critical thinking investors.

Living in Southern California, Gary Carmell has become very familiar with tectonic shifts: cataclysmic changes in the earth’s crust that cause earthquakes and tsunamis. Carmell has also experienced numerous tectonic shifts in the economic landscape in his nearly thirty-year investing career. Correctly anticipating economic trends has allowed his real estate investment and management firm, CWS Capital Partners LLC, to grow from assets of $250 million in the late 1980s to over $3 billion today. CWS foresaw the collapse of manufactured housing in the late 1990s and anticipated a massive shift from homeownership to renting, prompting them to reposition aggressively for growth in apartment construction and management. Carmell feels special pride in the results his company’s delivers for its investors, as a result—long-term average annual returns exceed 13 percent—even during the Great Recession of 2007–2009. Navigating turbulent economic markets and experiencing his two-year-old son’s near-fatal stroke has taught Carmell that real success requires not only financial acumen, but also deep reflection. He credits Shakespeare, Hume, and Schopenhauer as his mentors, with more modern sages like Buffett, Soros, and Munger also guiding his actions. In The Philosophical Investor: From Wisdom to Wealth, he shares the insights he has gained along the way in the hope of inspiring a new cadre of critical thinking investors.

The guide for investors who want a better understanding of investment strategies that have stood the test of time This thoroughly revised and updated edition of Investment Philosophies covers different investment philosophies and reveal the beliefs that underlie each one, the evidence on whether the strategies that arise from the philosophy actually produce results, and what an investor needs to bring to the table to make the philosophy work. The book covers a wealth of strategies including indexing, passive and activist value investing, growth investing, chart/technical analysis, market timing, arbitrage, and many more investment philosophies. Presents the tools needed to understand portfolio management and the variety of strategies available to achieve investment success Explores the process of creating and managing a portfolio Shows readers how to profit like successful value growth index investors Aswath Damodaran is a well-known academic and practitioner in finance who is an expert on different approaches to valuation and investment This vital resource examines various investing philosophies and provides you with helpful online resources and tools to fully investigate each investment philosophy and assess whether it is a philosophy that is appropriate for you.

Financial markets are noisy and full of half-baked opinions, innuendo, and misinformation. With deep insights about investor psychology, Book of Value shows how to apply tools of business analysis to sort through the deceptions and self-deceptions in financial markets. Anurag Sharma joins philosophy with practical know-how to launch an integrated approach to building high-performance stock portfolios. Investors at all skill levels should learn to be mindful of their psychological biases so they may better frame investment choices. Book of Value teaches novices that investing is not a game of luck but a skill—and it teaches the emotional and analytical tools necessary to play it well. Intermediate investors learn how to effectively control emotions when investing and think strategically about their investment program. Advanced investors see the formalization of what they already know intuitively: that the philosopher's methods for seeking truth can be profitably applied to make smart investments. A groundbreaking guide full of lasting value, Book of Value should be on the shelf of anyone who takes investing seriously.

T. Rowe Price, the Sage of Baltimore In 1937, Thomas Rowe Price, Jr. founded an investment company in Baltimore that would become one of the most successful in the world. Today, The T. Rowe Price Group manages over one trillion dollars and services clients around the world. It is among the largest investment firms focused on managing mutual funds and pension accounts. Uniquely trusted and respected, the firm is considered the “gold standard” by many investment advisors. In this book, Cornelius Bond tells the full story, for the first time, of how Price, a modest and ethical man, built the company bearing his name. From the private, unpublished personal and corporate records, you will get direct access to the creative process behind Price’s highly successful approach to investing. Personal insights based on Price’s own writings and the personal experience of the author who worked with him for many years. The Growth Stock philosophy as described in the words of the creator and master of this approach. Two fund managers who worked closely with Mr. Price reunite to consider the investment environment of the next five to ten years as Price himself might have viewed it. This book will give you an insider’s access to the true story of Thomas Rowe Price, Jr.

The enduring legacy of a legendary investor Called the "greatest stock picker of the century" by Money magazine, legendary fund manager Sir John Templeton is remembered as one of the world's foremost investors, known for his pioneering insights and phenomenal investment performance over a professional career which spanned more than half a century. Templeton’s Way with Money provides a unique, professional 21st century appraisal of what made this formidable investor the success he was—and why his methods remain as valid today as they were during his long and successful lifetime. Written by two investment experts, one of whom worked closely with Sir John for ten years, and drawing on previously unpublished documents, the book explains in detail how John Templeton's simple but effective investment philosophy of riding out the ups and downs of the market cycle continues to be as relevant as ever for professional and private investors alike. Key features include: A fresh and detailed reappraisal, drawing on a number of previously unpublished documents, of the philosophy which Templeton applied to the two phase of his investment career—first as an investment counsel, and latterly as the most successful global fund manager of his generation A detailed and original study of the performance of the Templeton Growth Fund, demonstrating in detail how Templeton achieved the Holy Grail of investment—above average returns with below average risk First hand accounts from former colleagues of their experience in working with Templeton—including those of author Alasdair Nairn's ten-year career working with and for the investment management organization that was Templeton's life work Proprietary and original research which explains why Templeton's seemingly simple investment philosophy is sure to produce exceptional returns if implemented effectively Current market conditions make Templeton's contrarian investment method of profiting from pessimism particularly relevant today, and this book a must-read for anyone working with investments.

Embark on a captivating journey into the mind of Charlie Munger, the Philosopher Investor. This illuminating book delves into Munger's profound wisdom, exploring his unique approach to investing that transcends mere financial strategies. Uncover the philosophical underpinnings that have shaped Munger's success, as he seamlessly blends rational thinking with a deep understanding of human behavior. Gain insights into the principles that have made him Warren Buffett's indispensable partner and a revered figure in the world of finance. Discover how Munger's philosophy extends beyond the stock market, influencing decisions in business, life, and beyond. Whether you're a seasoned investor or a curious mind, this book offers a thought-provoking exploration of the extraordinary mind behind the billions.

We all want to make more money, that too with minimum effort and without too much hassle. Ever wondered what life would be like if we had a simple, proven system to create cash flow and generate real wealth with little risk or complexity? This book helps you: • Manage your finances better, by directing you to a well-structured plan • Reduce investment-related risks • Create a sturdy cash flow • Streamline passive cash flow to multiply your wealth Get set to live life on your own terms, and fulfil all that you aimed to achieve. "Warren Buffett of Lifestyle Investing." – Entrepreneur Magazine

3rd edition with new foreword by Ian Cassel Wouldn't life be better if you were free of the daily grind - the conventional job and boss - and instead succeeded or failed purely on the merits of your own investment choices? Free Capital is a window into this world. Based on a series of interviews, it outlines the investing strategies, wisdom and lifestyles of 12 highly successful private investors. Each of them has accumulated $1 million or more - in most cases considerably more - mainly from stock market investment. Some have several academic degrees or backgrounds in professional finance; others left school with few qualifications and are entirely self-taught as investors. Some invest most of their money in very few shares and hold them for years at a time; others make dozens of trades every day, and hold them for at most a few hours. Some are inveterate networkers, who spend their day talking to managers at companies in which they invest; for others a share is just a symbol on a screen, and a price chart shows most of what they need to know to make their trading decisions. Free capital - money surplus to immediate living expenses - is the raw material with which these investors work. It can also be thought of as their psychological habitat, free from the petty tribulations of office politics. Lastly, free capital describes the footloose nature of their assets, which can be quickly redirected towards any type of investment anywhere in the world, without the constraints which institutional investors often face. Although it presents many advanced insights and valuable investment hints, this is not an overly technical book. It offers practical ideas and inspiration, with revealing detail and minimal jargon, making it an indispensable read for novice and experienced investors alike. *** This third edition of Free Capital follows the text of the second edition, published in 2013, with the addition of a new foreword by Ian Cassel. ***