Best books to help in PE
What books have you read that have made you a stronger PE investor/professional. Doesn't need to directly about PE - just anything that helped you.
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There are obvious ones like Barbarians at the Gate and Steve Schwarzman's biography. Those are certainly good and I'd recommend checking them out if you haven't already, but a few others that I like, some directly PE linked and others that are broader in scope:
- Money Game (Gives you a sense of the non-linearity of a PE deal and the aftermath of creating value)
- Caesars Palace Coup (Really interesting if you are into financial engineering, but I think it is probably as thorough a book about the nuances of mega-cap PE you will find)
- Valuation book from McKinsey (Really interesting quantitative framework for value creation and corporate capital allocation)
- Expectations Investing (Basically cracks open a reverse DCF and talks about the various expectations reflected in a given business' price)
- Creating Shareholder Value (Kind of a predecessor to both books referenced above, but more geared towards corporate decision making)
- You can be a Stock Market Genius (Though written with the public market investor in mind, this book is perhaps more applicable to the private market investor of 2023. He lays out a number of different investment case studies, but they all have some degree of incentive arbitrage he recognizes and capitalizes on. Given that private market is so inefficient and deals done with a ton of information asymmetry, this book incredibly applicable)
- Titan John D Rockefeller biography (Particularly the first half as it gives lots of insight into industry consolidation, which is what most of PE aims to do)
- 7 Powers (Book about the sources and nuances of competitive advantage)
What reads are best to develop a investor mindset? Is to just reading through IC memos
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