Book Recommendations for Equity Research

I am going to be a junior in college next year, and I am very interested in going into equity research. I am looking for book recommendations I can read over the summer to get a head start on interview season next school year.

 
 
Best Response

http://www.wallstreetoasis.com/forums/on-the-job-with-simple-as%E2%80%A… --- read the books in this link with BIWS or WSP

I would recommend the link above compared to the list below, the list is very comprehensive but since you will be joining a business school reading these should not be much of a problem by the time you are finished with your degree.. most of these books can be found online on torrents, 4shared, mediafire, etc but you should practice valuation modelling and analyses of companies on your own, making Initiation reports, Morning briefs, Sector Analysis, Update notes on companies, developing your questions for conference calls and site visits, just to understand the type of work you will be doing but obviously the client interactions cannot be practiced

however you can participate in competitions such as the GIRC of the CFA, Global Investment Contest, CIBC Equity Research Competition - Rotman, NYSSA IRC, try to participate in all of these if you can

  1. FINANCIAL RISK TAKING An Introduction to the Psychology of
  2. Currency Wars - Rickards, James
  3. Damodaran - Investment Fables
  4. Taleb - The Black Swan - The Impact of the Highly Improbable
  5. Antifragile Things That Gain From Disorder -
  6. Laiou - Morrison - Byzantine Economy
  7. Wiley Behavioral Finance and Wealth Management
  8. Accounting Shenanigans
  9. The house of rothchild
  10. The Handbook of Business Valuation and Intellectual Property Analysis
  11. the essays of warren buffett -
  12. Damodran Investment Valaution 3rd
  13. Security Analysis - Graham & Dodd
  14. Adam Smith
  15. Economics - Freakonomics - A Rogue Economist Explores the Hidden Side of Everything
  16. The Bank Analyst's Handbook
  17. Stocks for the long
  18. Against the gods
  19. Common sense on mutual funds
  20. Irrational exuberance
  21. Business Valuation & Taxes- Shannon Pratt
  22. The Handbook of Fixed Investments
  23. Active Value Investing
  24. When markets collide
  25. McKinsey Valuation
  26. The Real Warren Buffet
  27. Global asset Allocation
  28. Investment Performance Measurement
  29. The Handbook of Traditional and Alternative Investment Vehicles: Investment Characteristics and Strategies -
  30. 3 Modelling Books:- Building Financial Models - Tija 2nd Wiley.Financial.Modeling.with.Crystal.Ball.and.Excel.Mar.2007 Financial Simulation Modeling in Excel + Website A Step-by-Step Guide
  31. Quantitative Business Valuation
  32. Models behaving badly
  33. Restructuring Macroeconomics
  34. Macroeconomics: Understanding the Wealth of Nations
  35. Economic Development (11th Edition) (The Pearson Series in Economics)
  36. Liars poker
  37. The Global Crisis Makers
  38. When genius failed
  39. The Investor's Dilemma: How Mutual Funds Are Betraying Your Trust And What To Do About It
  40. Clash of investment cultures
  41. The Economics of commmodity markets
  42. Damodaran Investment Philosophy
  43. Behavorial Investing
  44. Financial Markets & Exchanges Law
  45. Market Microstructures in Emerging and Developing Market
  46. The Economics of Commodity Markets
  47. The Future of Finance
  48. Information Rules: A Strategic Guide To The Network Economy
  49. How to read financial statements - John tracy
  50. Reading Financial Statements for dummies
  51. Creative Cash Flow Reporting
  52. The Financial Numbers Game
  53. Financial Statement Analysis: The Practitioner's Guide
  54. The Market Wizards
  55. The New MArket Wizards
  56. The Hour Between Wolf and Dog
  57. Reminiscences of a Stock Operator Jesse Livermore
  58. Soros - The New Paradigm for Financial Markets
  59. The hour between dog and wolf
  60. The art of value Investing
  61. how to think like graham and invest like buffet
  62. A random walk down wall street
  63. Equity Valaution - models from leading investment banks
  64. How to value your business and increase its potential
  65. Valuation Emerging markets
  66. Cost of capital
  67. Wiley - The Valuation Handbook
  68. CFROI The Total Systems Approach
  69. Valuing Intangibles
  70. Business valuation of closely Held Companies - Shannon pratt
  71. James Valentine - Best Practices for Equity Research

General Direction Should be:- 1. Equity Modelling: 30, 32, BIWS, WSP 2a. Analysis: 8,49,51,50,52,53, 2b. Valuation:64/25/63,12/65/70,31/67/68,66,69,10,21,28,29 3. Investment Philosophy: 3,23,38,42,40,17,60,61,62 4. Investment Psychology: 3,7,20,43,56,57,59 5. Markets products/regulation: 27,41,48,44,46,47,16 6. Economics current/classic/theory: 14,34,45,35,6,2,5,4

 

only read Security Analysis and interpretation of financial statements for what I'd consider to be true valuation & accounting books. CFA curriculum is much more objective than any of the novels mentioned here, you'll learn a lot about what the stuff is and a little about what it means, but not so much how to use it. definitely worthwhile, but I think if you just learn CFA stuff without reading anything written by a practitioner, you'll turn into a robot

 

Valuation in the above readings goes into a LOT more detail compared to the CFA

The accounting analysis fundamentally will be the same because it is based upon the IFRS but the cases they (CFA or anyone else) use to illustrate accounting issues and their connection with valuation will vary, so for an even more in depth understand of the IFRS one should go for the following resources:-

1.Wiley IFRS 2014 Interpreteation and Application for International Accounting and Financial Reporting Standards (book/CD) 2.PwC Manual of Accounting and for a quick reference you can use the Deloitte IFRS in your pocket

do remember that the CFA curriculum of the Financial Reporting and Analysis for the 2014 papers is based upon the IFRS 2010

but these books have their limits, you should develop your own stock screening method, conduct your own research and at-least make a paper portfolio if not invest, some individuals might say that it will be pointless because of the timeliness of the information, as in that one will never be ahead of the analysts in the real world but then that would depend upon whether you are an investor or a trader and also the type of investor or trader... not to mention how you would see the information affecting your investments or trades

http://www.finaticsonline.com/Freebies/Stock_Selection_Techniques-Using…

http://www.zacks.com/screening/

http://pg.jrj.com.cn/acc/Res/CN_RES/INVEST/2012/6/11/811812f5-7b74-4f8f…

 

do take the MBTI and the Big 5 Personality Trait test ... that way you will understand if you are suitable for equity research or some other career ... and at the same time make sure understand what equity research is like in terms of industry practices or work culture etc... this information will vary from country to country and to some extent organization to organization... this is just to make sure you do not end up choosing the wrong career and then 5 years into it you realize you hate your job/career etc.. the learning curve flattens pretty quickly in most careers

 

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