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This week I am speaking with Larry Rothman, an Associate Editor at Dealreporter, a subsidiary of the Financial Times. Larry started his career as an analyst at Value Line, working in both equity and convertibles. He then jumped to Miller Tabak, where he was a high yield and convertible analyst, before moving to William Blair, where he specialized in convertibles. Larry has also worked at a couple of independent research companies over the years covering the entire capital spectrum, from equities, to convertibles, and high yield.
Larry is always happy to hear from analysts, portfolio managers, and investment bankers that would like to comment for future articles. It can be for attribution or kept as background.
So, what's in your library Larry?
One Up On Wall Street by Peter Lynch - This was one of the first books I had read on investing. It was insightful and paved the way for me to analyze equities. In fact, I still use some of what I learned from it today, particularly when I read various arguments that have nothing to do with the underlying fundamentals of an investment.
Graham & Dodd's Security Analysis by Benjamin Graham & David Dodd - A book that is as timely today as it was when it was first written! Core principles that are necessary for analyzing all stocks can be found in this book. All said, I believe this book should be mandatory reading for all finance majors.
Buffett - The Making of an American Capitalist by Roger Lowenstein - An interesting history about "The Oracle of Omaha". The book goes beyond his personal biography, though, and there are nuggets of investment wisdom to be gained. The main tenet: "We should all think like owners in the businesses in which we invest".
When Genius Failed: The Rise & Fall Of Long Term Capital Management by Roger Lowenstein - Besides being a fascinating read, the book shows the pitfalls of hubris and greed. Add leverage to the mix and the potential for disaster rose exponentially. All said, "pride goeth before a fall...and the fall here was epic! A great, overall read.
A Random Walk Down Wall Street by Burton Malkiel - A timeless lesson on how difficult it is to beat the market. It shows the powerful effect of bubbles, why they are formed, and the inevitable pain when they pop. Another "must read" for market participants!
As always you can buy any of the books Larry mentioned at the The Sniper Book Bin. If you'd like to see another great read, sign up for The Sure Shot Letter, my monthly newsletter that is packed full with great investment ideas.