Title says it all.
Anyone has must-reads for an incoming HF analyst with prior investment banking experience? Appreciate if the WSO crew can share any insightful books that have been helpful to you through the years. Thanks!
| +38 | How much modeling do experienced HF analysts/PMs actually do? | 15 | 38m |
| +22 | Buy Side Credit - Seats / Guide | 8 | 19h |
| +18 | London buy side | 3 | 5h |
| +18 | Hedge Fund Pivot | 6 | 2h |
| +11 | Mid-career shift to buy side with niche background | 3 | 4d |
| +9 | Wfh / work remotely at MMs or SMs? | 5 | 3d |
| +3 | Atlantic Wolf Capital Closing? | 5 | 11h |
| +3 | How old is too old? | 3 | 1d |
| 0 | Hedge funds | 1 | 4d |
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The most important thing by Howard Marks
Market Wizards by Jack Schwager
Which version do you recommend? Looks like there are a handful, including one called hedge fund market wizards
They're all fantastic, the HF market wizards is my favorite, and one of the most up-to-date. I would start with that and then go back and read the earlier ones.
2nd the market wiizards books...these should be required reading....also
When Genius Failed (LTCM)
More Money Than God gives a pretty interesting history of the hedge fund industry
People in finance and in the hedge fund industry more broadly do not read books, but this does not mean they are unimportant. Like a tasteful Hermès tie, a good well positioned book stationed at the right place on your desk can help you stand out as intellectual yet practical. The best books to keep at work should look worn a bit, so it looks like you’ve read them. The best single book to purchase is McKinseys Valuation textbook, but (of course) do not actually read it as that is a total waste of time. This is especially true if young, since it helps position you as technically gifted (since anyone who has glanced through the book knows it is impractically complex, and primary designed to make McKinsey’s corporate finance practice seem more like a needed service). If you are young, I recommend simply stealing a copy from a public library. Would you buy a pair of designer jeans without wearing them? Certainly not. Be sure to see the book in person so that way you can physically inspect the wear and ensure it is to your taste.
Room temperature IQ take
Man, the McK book is fantastic. I think they're thinking is flawed in a couple very minor ways, and everything after chapter ~10 is too specific to be necessary, but I've re-read the first section basically every 6 months since I started my career, and it has repeatedly served me well.
The post was meant to be sarcastic. I've read the book 3 or 4 times actually. I've also gone through the workbook just on my own. I don't think I know a single successful person in finance that uses anything in the book.
fooled by randomness
The man who solved the market by Gregory Zuckman is a really interesting story on arguably the best HF ever (Renaissance), also a cool history of quant funds and a bit of politics at the end. Not going to teach you a ton of technicals but is 20% quant fund history and 80% amazing story
Honestly thought he gives away wayyy more than the interviewees were expecting him to. If you have some basic understanding of what Tartaglia was doing in the 80's you can come away with some pretty strong insights into their systems.
Fooling Some of the People All of the Time and Margin of Safety are my top 2 \
Thoughts on Confidence Game vs FSOTPAOTT?
Haven't read Confidence game. I like FSOTPAOTT because it gives a really good in depth look at the research process and the thought process behind building a well thought out contrarian position.
Money Masters by John Train
Read VIC and Value Investor's Insight. You will know where to improve quickly.
whats vic
Value investor club
Hamlet
Lmao
Two books I’ve had recommended to me by multiple PMs (both are great reads):
Superforecasting Thinking in Bets
“A Survival Guide for Working With Bad Bosses: Dealing With Bullies, Idiots, Back-stabbers, And Other Managers from Hell” by Gini Scott
its $11 on Amazon
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