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 one’s own life with just as much reward.
A celebration of the value investing discipline, this book also recounts Baid’s 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 Baid’s distinctive voice.
- Table of Contents
- 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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