Friday, December 4, 2020

Book Recommendation: Market Masters [332.6 SPE]

 It is not often that I get a investment book that holds my attention. Usually, I find a lot of parroting, but this book is one book that gets me reading non-stop for 2 chapters. I have been reading it for days without complaint and I have been re-reading some of the chapters. It has been a while since "Uncommon Profits, Common Sense" that I find a book that intrigues me. 

The cover of the book looks like this. A glance of the content page show you various investment style by the "gurus" 













I believed my investment beliefs centered more around FA, and the area I look at are cyclicals and turnaround plays. When I settled off reading the value investors and growth investors, that all have nuggets of wisdom that I thought I could apply, like Scoring system, cash flow growth, etc.

As I went on to thematic and TA of those investors, I read how they talk about value traps, and the shortcomings of value investing. Yet, if you ask me, I find all these investors who "debate" against the wisdom of value investing very grounded in FA. It is about alpha, sector, momentum, but it never fails against looking at the management, balance sheet etc. Even for someone who looks at "cup" pattern (whatever that means), talk about market leadership, comparison of competitors and how "weaklings" move compared to the leaders.

Some talk about how as a money manager, they need to manage client expectations and, while he admits tha value investing works, it might not work well enough since the client might pull the money before any meaning appreciation could happen.

If you are free this holiday, or because you work from home, it is a good read. It is easy to navigate and you could go to any investor's interview. Before the transcript of the interview, there is a introduction introducing the investor and their track records, life etc. After the interview, there is a summary of important points made in the interview. The summary is just a 5 min read, if you wish. 

Hope you enjoy the book. I will update when I read it deeper.  

10 comments:

  1. Sillyinvestor,

    Well, Growth investing has beaten Value investing by a WIDE margin over the last ten years - especially for the US and HK (which is China really) markets.

    Value investing works better in bear markets though.


    Yup, to be able to poke at other investing/trading styles, we first have to know a lot more about the other investing/trading styles FIRST!

    ;)

    ReplyDelete
  2. Wow, Smol,

    Thank you for chipping in with your nuggets of wisdoms. Guess there is a time and place for any of these to work for US, and U and Me.

    U are right. In fact, I find some value investors in Singapore bloggersphere less grounded than momentum investors or Quad investor found in the book.

    I have this thought, if u want to learn both, maybe it is easier to learn some TA first, because I know of a lot of Value investors (I mean real ones) who rubbished TA

    Although I would define those shared in the book as pure TA. Knowing where capital flow using various indicators imho is very much FA.

    ReplyDelete
  3. Secret Formula that works in SGX = N x (Buy Low. Sell High) + N x Panadols - n x (Buy High - Hold Low) where n << N

    No?

    ReplyDelete
  4. True, CW

    But I enjoyed the mind stimulation. Hahah think here think there. Quite fun

    ReplyDelete
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