Reading shareholder letters and blogs from star fund managers and investors is a great way to learn about the stock market.
Here are some valuable but free resources that are well worth tapping into.
1. Warren Buffett – Berkshire Hathaway
Most would be familiar with Warren Buffett’s annual letter to shareholders of Berkshire Hathaway. It is undoubtedly one of the best ways to quickly accumulate a wealth of knowledge from one of the world’s smartest investors. It’s candid, concise and consistent, just like the man himself.
Time spent reading the Berkshire Hathaway shareholder letters will be well rewarded.
2. Bond Vigilantes
M&G’s bond experts write regular posts on the Bond Vigilantes blog and have fully embraced social media, tallying up more than 8,000 followers on Twitter. M&G’s head of fixed interest, Jim Leaviss, is among the bloggers and he describes Bond Vigilantes as a place to share views on the things that matter to bond investors—inflation, interest rates and the global economy—as well as to talk about the bond markets themselves. Videos filmed with handheld cameras documenting the bloggers’ thoughts as they travel around the world to meet with fellow bond experts are really engaging and insightful commentary. Well worth a browse.
3. Mark Mobius – Templeton Emerging Markets
Mark Mobius, executive chairman at Templeton Emerging Markets, is a highly respected fund manager whose views can be accessed via his blog and his Twitter feed. The article he recently wrote for Morningstar about investing in the BRIC and African economies is a great starting point for insights into his investment thesis.
4. Marty Whitman – Third Avenue
Martin (Marty) J. Whitman is another value-investing legend who founded the asset management firm Third Avenue. In his quarterly shareholder letters he has been critical of the “primacy of the income account” over that of the balance sheet. These letters are a great way to gain some insight into the richness of his insights into investing. Although he has now retired from active management, you can access the archive of his Third Avenue shareholder letters, which are well worth reading. He also offers his insights in his Chairman’s letter, while the reports from the other fund managers at Third Avenue are also worth a read.
5. Tweedy, Browne Company
Tweedy, Browne Company is another fund management company that specialises in value investing. Not only was it a broker to Benjamin Graham, the father of value investing, but it also developed brokerage relationships with investment legends Walter Schloss and Warren Buffett.
Its annual and semi-annual reports provide valuable commentary for private investors. In addition, the Tweedy, Browne website offers articles that are worthwhile reading.
6. Howard Marks - Oaktree Capital
Howard Marks’ “Oaktree memos” give detailed insights into his investment strategies and the state of the economy. He’s a canny investor whose musings should be a must read—after all, even Warren Buffett apparently takes time to peruse them.
