This question is geared towards full time professionals but I welcome any input. I am an incoming SA at a hedge fund. This will be my second year as a SA so I have some decent experience for a college student. In all this COVID free time I am trying to decide what is most beneficial to me, reading business/finance books or reading 10-k and practicing modeling. I would love to hear all of your thoughts.
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long short equity? read about industries you will focus on via prospectuses. read MD&A of top players. always work on modeling skills - try to get one from someone at a HF. only 2 chapters in the intelligent investor worth reading. also read some psychology books which always helps understand why prices change and how markets react. read a couple transcripts. use BAMSec.com, set up news alerts on your phone, make friends with people at other HFs, you’ll share a bunch of ideas - HF hotel names sometimes, look at how people on sumzero think about investing. read Einhorn’s book if you have time, pick 3 top HF managers and follow them, see what they do and how they got there etc...........
Thank you for all the great advice! Any psychology books in specific you recommend?
If you really want to understand bubbles, one of GS’s founders of their PE arm recommended this to me: “extraordinary popular delusions and the madness of crowds”
“Influence” is a classic and only book Munger ever truly recommended, read this too
https://novelinvestor.com/charlie-mungers-tendencies-of-human-misjudgme…
psychology of judgment and decision making by Plous.
some popular and slightly overrated ones but still good: Thinking Fast and slow, Fooled by Randomness.
Which 2 chapters of intelligent investor???
chapter 6 on market fluctuations (psychology comes in) and chapter 20 on margin of safety. buffet also recommends focusing on these two.
I may have been a little extreme, the whole book is good but these two chapters are way more important vs. everything else
modeling
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