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This week I’m speaking with Tom Mulle, a twenty-year Wall Street veteran and founder and principal of the Pierian Fund. Tom Started his career at Value Line in the early 90’s and has worked as a technology analyst at Oppenheimer and Alkeon Capital. In 2005 he was the highest ranked analyst at Fred Alger Management by attribution. While there he co-managed two institutional technology portfolios that outperformed the Goldman Sachs Technology Index by 650 basis points while under his co-management.
In 2006 Tom left Fred Alger to found and manage the Jefferies Technology Fund. The fund generated a 26.0% positive absolute return before fees in 2008 compared to the NASDAQ decline of 41%. All said, for well thought out technology research, Tom is your go-to guy.
So, what's in your library Tom?
One Up On Wall Street by Peter Lynch The first book that any future investor should read. Even in today's high frequency trading world you can be ahead of the Wall Street data points just by looking around you. There are also some useful basic accounting tips that even seasoned pros overlook. A must read for anyone starting to get an interest in finance!
Liar's Poker by Michael Lewis "$10 million, no tears." That is the whole book right there. You never want a weak hand, but lots of times the other guy has an even weaker one. Granted that you should keep in mind that the guy who said that blew up Long Term Capital with the help of a bunch of Nobel Laureates!
The Big Short by Michael Lewis Anyone that thinks they want to be a hedge fund manager should read this book and try to relate to Michael Burrey. He was alone and the smart money, including his institutional investors turned out to be not so smart. None of them were capable of looking forward. When it turned out that Burrey was correct, there was only silence. It reminds me of the Emily Dickinson quote "Success is counted sweetest, by those that never succeed."
Market Wizards by Jack D. Schwager This book shows that there are a lot of different ways to make money. Schwager interviews lots of successful traders. All but one have one thing in common: they all cut losses quickly and let their winners run.
You Can Be A Stock Market Genius by Joel Greenblatt The book is about spin offs which are a great way to make money. Too bad there aren't that many of them in today's world of flush private equity.
As an added bonus, here is a write up on Tom's own book! Tom is an accomplished writer of children's books. The one below is one of my daughter Madison's favorites.
The Big Little Christmas Tree by Tom Kringle A touching children's story that should teach patience, especially since yesterday's world of instant gratification is probably not going to come around again for a while. It's a nice Christmas tale that should be read to the family around a warm fire.
As always you can buy any of the books Tom Mentioned here. 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.