Value investing is not just a system for success in the market. It is also an intellectual toolkit for achieving a deeper understanding of the world. In The Joys of Compounding, the value investor Gautam Baid builds a holistic approach to value investing and philosophy from his wide-ranging reading, combining practical approaches, self-cultivation, and business wisdom.
Distilling investment and life lessons into a comprehensive guide, Baid integrates the strategies and wisdom of preeminent figures whose teachings have stood the test of time. Drawing on the work of investing greats like Warren Buffett, Charlie Munger, and Ben Graham, as well as philosophers and scholars, he artfully interweaves the lessons learned from his many teachers. Baid demonstrates their practical applications in the areas of business, investing, and decision making and also shows that these ideas can be applied to ones own life with just as much reward.
A celebration of the value investing discipline, this book also recounts Baids personal experiences, testifying to his belief that the best investment you can make is an investment in yourself. The Joys of Compounding offers curated reflections on life and learning for all investors, investment enthusiasts, and readers seeking a dose of practical wisdom.
This revised and updated edition highlights Baids distinctive voice.
Foreword
1. Introduction: The Best Investment You Can Make Is an Investment in Yourself
Part I: Achieving Worldly Wisdom
2. Becoming a Learning Machine
3. Obtaining Worldly Wisdom Through a Latticework of Mental Models
4. Harnessing the Power of Passion and Focus Through Deliberate Practice
Part II: Building Strong Character
5. The Importance of Choosing the Right Role Models, Teachers, and Associates in Life
6. Humility Is the Gateway to Attaining Wisdom
7. The Virtues of Philanthropy and Good Karma
8. Simplicity Is the Ultimate Sophistication
9. Achieving Financial Independence
10. Living Life According to the Inner Scorecard
11. The Key to Success in Life Is Delayed Gratification
Part III: Common Stock Investing
12. Building Earning Power Through a Business Ownership Mind-Set
13. Investing Between the Lines
14. The Significant Role of Checklists in Decision-Making
15. Journaling Is a Powerful Tool for Self-Reflection
16. Never Underestimate the Power of Incentives
17. Always Think About the Math, but Avoid Physics Envy
18. Intelligent Investing Is All About Understanding Intrinsic Value
19. The Three Most Important Words in Investing
20. Investing in Commodity and Cyclical Stocks Is All About the Capital Cycle
21. Within Special Situations, Carefully Study Spinoffs
Part IV: Portfolio Management
22. The Holy Grail of Long-Term Value Investing
23. The Market Is Efficient Most, but Not All, of the Time
24. The Dynamic Art of Portfolio Management and Individual Position Sizing
25. To Finish First, You Must First Finish
Part V: Decision-Making
26. Read More History and Fewer Forecasts
27. Updating Our Beliefs in Light of New Evidence
28. Life Is a Series of Opportunity Costs
29. Pattern Recognition
30. Acknowledging the Role of Luck, Chance, Serendipity, and Randomness
31. The Education of a Value Investor
Conclusion: Understanding the True Essence of Compounding
Appendix A
Appendix B
Acknowledgments
Notes
Bibliography
Index
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