INCOMING STUDENTS!
We look forward to meeting you all on campus and appreciate your excitement about investing. Many of you have asked for advice on preparing for business school and investment management. We recommend that you take advantage of your free time before school starts.
Read and learn
We recognize that each of you comes from a different background. We have provided a carefully chosen and broad reading list. This list is based on conversations with current students and what they found most helpful for coursework and recruiting. We have broken down the list into three buckets:
Introduction to Value Investing: These are what you need:
· The Intelligent Investor (Benjamin Graham)
· Margin of Safety (Seth Klarman)
· Value Investing: From Graham to Buffett and Beyond (Bruce Greenwald)
· Graham and Doddsville Value Investing Website
Conducting Research & Presenting your Idea: This is especially important as you ramp up to prepare for interviews
· How to Pitch the Perfect Investment (Paul Sonkin & Paul Johnson)
· The Investment Checklist (Michael Shearn)
Assessing Business and Management Quality
· Competition Demystified (Bruce Greenwald)
· The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success (William N. Thorndike)
Value Investing Legends
· The Essays of Warren Buffett: Lessons for Corporate America (Warren Buffett and Lawrence Cunningham) or Berkshire Hathaway Shareholder Letters
· Money Masters of Our Time and New Money Masters of Our Time (John Train)
· Buffett: The Making of an American Capitalist (Roger Lowenstein)
In addition to books, it is paramount for you to stay abreast of the latest issues within investment management and finance. Traditionally, following the news was the only way. However, we are adding podcasts to this list:
Here are a few notable (by no means exhaustive) news outlets to get you started:
· Wall Street Journal, Barron’s, and Financial Times (MBA students have access to FT Subscription)
· The Economist
· Graham and Doddsville Newsletter Archives
Here are a few notable (by no means exhaustive) podcasts to get you started:
· Value Investing with Legends (Heilbrunn Center at Columbia Business School)
· Invest like the Best (Patrick O'Shaughnessy)
· Capital Allocators (Ted Seides)
We have not mentioned many other great books or articles on investing, behavioral psychology, and investor biographies. An additional list can be found at the Heilbronn Center for Graham & Dodd Investing.
Practice
At Columbia Business School, monthly Investment Ideas Club meetings will allow you to pitch to investment professionals. The first meeting begins in mid-September. Given how busy your schedule will be once school starts, we recommend preparing one or two investment write-ups before you begin. You can find sample student write-ups in recent Graham and Doddsville Newsletters. Other examples can be found on Value Investors Club and SumZero.
Network
Before business school, speak to as many alumni and practitioners as possible to learn about the job and get their advice.
If you have additional questions, contact one of our club's officers.
Best regards,
CSIMA