Money Diaries, our Clubhouse Session is about having casual conversations around money! One can share their experiences with money, or they can also learn from others in the room. Conversations around the relationship with money, best and worst investments, and diversifying funds are some of the interesting topics that were spoken about in the past.
In one of these sessions, we discussed personal finance books we read and got inspiration from. The conversations swayed from books to podcasts and newsletters.
We have curated the entire list of reads below for everyone who was not present in our clubhouse room this week. A lot of these books and podcasts are solely not only our recommendations but a lot of these suggestions have come from our Clubhouse listeners and participants as well. We hope this helps.
Rich Dad Poor Dad by Robert Kiyosaki: This book's theme is to use money as a tool to create wealth. Has been a bestseller for the last 20 years. A great one in case one is just starting up.
Coffee Can Investing by Pranab Uniyal, Rakshit Ranjan, and Saurabh Mukherjea: This book aims to teach the art of long term investing in the equity market. It essentially talks about buying shares and then forgetting about it - and how once can go about selecting the right company.
The Little Book That Builds Wealth by Pat Dorsey: This little book reveals why competitive advantage and economics are excellent indicators of investments.
The Intelligent Investor by Benjamin Graham: This book requires no introduction. As mentioned by many, including Warren Buffet, this is the bible for someone who wants to learn investing.
One up on Wall Street by Peter Lynch: Lynch believes that solid investment opportunities are available everywhere. A fantastic read to understand why an average ordinary person has an advantage over a wall street analyst.
The Dhandho Investor by Mohnish Pabrai: Learn and apply the Gujarati businessmen's techniques and value investing framework - a very interesting approach to investing.
The Psychology of Money by Morgan House: This one will share some profound insights into how one usually behaves with money and ideally needs to. The author shares short stories which dives deep into external/non-tangible factors which influence our decisions.
Thinking Fast and Slow by Daniel Kahneman: This is not a core finance/personal finance book to go. Read this if you want to understand things more from a psychology perspective. The book highlights how humans behave and think, shaping judgment and decisions.
Principles by Ray Dalio: Written by a hedge fund manager, Dalio shares his principles that he has developed over the last 40 years - which is bound to help you in your personal world and business. It also helps with how to go about doing decision making - which we believe is very important when it comes to money.
Extraordinary Popular Delusions and the Madness of Crowd by Charles Mackay: This one again is more a study of crowd psychology and sheds some light on how humans can be misled when a popular opinion influences them.
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Below are two newsletters that make for an excellent read. One of them is a memo by a value investor and the other is by a business professor highlighting his take on tech and relationships in the digital economy.
Memos by Howard Marks
No Mercy/No Malice by Scott Galloway
Beyond books and blogs Below is a list of a few Twitter threads which will add value to your personal finance knowledge and also a Youtube channel that summarises all of the personal finance books saving you time and effort reading them up.
Sahil Bloom (Twitter)
Jess Rider (Twitter)
The Swedish investor (Youtube)
How about a fun movie night when you are in not a mood to read!
Wolf of Wall Street: This movie needs no introduction. A light watch into the world of finance and what goes behind the glass walls of Wall Street.
Margin Call: This movie is about an investment fraud and is said to be inspired by a true story. It is speculated that this movie is about the economic downfall during the 2007-2008 financial crisis and is based on Lehman Brothers.
The Big Short: Based on the 2010 book called The Big Short, this is another movie about the 2007-08 financial crisis triggered by the US housing bubble. It revolves around the theme of how a few analysts and fund managers predicted the problem in advance.
Podcasts to look out for
We are not going to get into the nitty-gritty of each of these podcasts. However, here is a long list for you to explore. This is purely a basic recommendation given by our listeners. Once we tune-in to them, we would be happy to provide a detailed list and our recommendations. As of now, feel free to listen to the one who clicks with you.
Capital allocators with Ted Seides (Spotify)
Another Podcast by Benedict Evans (Spotify)
Business Wars by David Brown (Spotify)
Planet MicroCap (Spotify)
Invest like the best by Patrick O'Shaughnessy (Spotify)
Paisa Vaisa Podcast by Anupam Gupta (Spotify)
This week in intelligent investing by John Mihaljevic (Spotify)
Value investing with legends by Tano Santos, the David L. and Elsie M (Spotify)
We discussed whether these books and other personal finance content on different media help translate it into actual practice during the Clubhouse session. Each of us had a different outlook on the same. It is more about figuring out what you are comfortable adopting, the kind of money you have, and how it directly impacts your work or personal life. So, there is no straight answer to all of this.
Today, transfer of knowledge happens via different mediums. These include platforms like Youtube or even something off the beaten track like Reddit, which seems like quite a unique community and space. In the end, it is about users getting comfortable and designing their own ways of learning about money!