In my twenties, at a time when my marriage was new, my
career was stalled and my father’s illness was worsening, I was fortunate to get
to know a gifted man. He was a spiritual leader and a counselor, and among his talents
was a rare ability to soothe, and calm, using only his kind eyes and gentle
voice. When he turned to you, for that moment you were his entire world, and he
made you feel safe. He must have been an amazing counselor.
The markets this month have been a roller coaster from hell,
all big drops and loops and fast hairpin turns, not a single steady climb to be
seen. A little soothing and sense of security would be welcome.
As I’ve said in previous posts about studying
the market and where
investing ideas are born, I like to read about business. Clever and
observant writers give me most of my ideas not only about what to invest in,
but about how those businesses are performing, who they partner with, what
their leaders are up to, how they compete, what products are coming down the
pipe, and on and on.
And I’ve mentioned before, at least in passing, who I read.
But it’s not just academic: these individuals offer analysis, experience,
wisdom and also something else: in difficult market moments, these people are
the cool and steady hand on the wheel. They reassure me. They remind me that no
matter how far the broader market falls, no matter the beating I take on my
positions, it will all come back. That I’m playing the long game, measured not
in quarters but in decades. That no market rout which lasts a few weeks can
shake my foundational belief that over time, the market rises. Without them, I am
lost, sleepless, panic-selling into a dropping market.
In no particular order, followed by links to their work and their Twitter handles
where applicable:
Morgan Housel, The Motley Fool, @TMFHousel
With a deep understanding
of markets, the economy and history, as well as the psychology of the individual
investor, Morgan stands alone. He possesses an uncanny ability to simply
reframe complex concepts and turn the impenetrably technical understandable. He posts two or three columns a week and is routinely a guest on the Motley Fool podcast series.
A seasoned money manager
and award-winning journalist, with a terrific 10,000-foot view of what’s
happening and why you should care. Barry also hosts the Masters in Business
podcast series for Bloomberg, offering excellent long-form interviews with the
pillars of finance and the economy today. 
Chris is a former Googler who made some prescient early-stage tech investments when he left, and one thing led to another and he just kept going. He's a venture fund manager, advisor, and entrepreneur, and now appears on Shark Tank. Among his angel plays: Uber, Kickstarter, and Instagram. He spreads his wisdom primarily on Twitter and via his many appearances and interviews.
An investor, blogger and
author, Tadas operates the site AbnormalReturns.com, where you can find one of
the best curated daily must-read lists on the financial web. What's pertinent
to today's investors. Check him daily.
David and his brother Tom founded the Motley Fool in the mid-90s following a remarkable stock-picking run, and they continue to run the advisory and wealth-management firm today. David prefers smart, disruptive, low-capital businesses with huge potential, which he buys early and holds for 5 years or more. His personal returns have been extraordinary over the last 2 decades, and his engaging new podcast teaches how replicate it in a fun and approachable way. Tune in.Chris Hill, Market Foolery and Motley Fool Money, @TMFChrisHill
I actually don’t read Chris as much as I listen. He hosts
two podcasts, MarketFoolery (daily) and Motley Fool Money (Fridays). With the
input and analysis of his guests, Chris asks questions we'd ask, distilling
daily business news and stock moves into understandable bullet points—so
investors quickly learn what’s happening and what do about it.
A straight up “stock”
analyst, and probably Chris Hill’s most-often guest. Jason is not just another
business expert: he looks at the market like a consumer, deriving many of his excellent
specific opinions and recommendations less from the performance of the stock
than by the performance of the business,
against its competitors and for its customers— which is a better indicator.Ben Carlson, A Wealth of Common Sense, @awealthofcs
With keen observation and a
wisdom belying his youth, Ben provides grounding to the financial community
with his buy-and-hold doctrine and get-rich-slow values. Ben’s blog offers
intelligent analysis not of individual stocks but of the current environment, what drives him crazy about his industry and the potholes we all fall into. His book, A
Wealth of Common Sense, is the best investing guide I’ve read in years.
Josh offers a clear-headed and entertaining
perspective on the money-management industry as well as on markets and the economy. One recent post related the current volatile bear-market
environment to Leonardo DeCaprio's repeated survival trials in The
Revenant. Then there are those who don’t write a column, but who have outsize impact in the capital markets. These investors have sufficient gravity to pull in board members, executives, journalists, and people like us, who watch them for ideas and perspectives. Just by keeping your eyes peeled for news with their names you’ll gain all sorts of useful insight:
Warren Buffett, @WarrenBuffett
You already know who he is,
because he’s the biggest of them all. Warren is in the financial news somewhere every day. No
one on the planet has more market wisdom or stock-picking expertise, or more
patience. Personally I've been underwhelmed with his purchases lately, and I sold shares in his company, Berkshire Hathaway. But there is still no one in the industry more wise, or more worthy of my trust. His instincts and clarity are astonishing. check out his annual letters.
Warren Buffett’s 50+ year business
partner and number-one counsel, Charlie has long been the more acid-tongued and
entertaining of the two. The smarts and experience of Warren but with a good dash
of pepper. Find him giving interviews on YouTube.David Einhorn, @davidein
Hedge fund manager with a
mixed record, but dependably well-researched and frequently does a deep dive on one
troubled business or industry a year which he then bets against, and presents his findings as a slide show at investor conferences. Always a fascinating perspective. Carl Icahn, @Carl_C_Icahn
Phenomenally aggressive and
talented activist investor who just about always gets a huge business in which
he buys a big stake to cut costs and improve efficiency, thereby driving up the
price of the shares owns. An investor could do worse than to routinely follow
him in.Bill Ackman
An activist investor with a lot of losses, but even more wins, Bill likes to stir it up and he’s not shy about going public with it. A great source for background information or just for the viewpoint of a smart man who does what we're doing, but on steroids. See his interview with Bloomberg from last autumn.
Dan Loeb
Like Bill Ackman, Dan will
get aggressive, writing public letters to execs and board
members when he’s unhappy about returns on his holdings. His research team could
win awards: the discovery that then-Yahoo CEO Scott Thompson had padded his
resume ousted Thompson and won Loeb a couple of Yahoo board seats. You can find him on YouTube as well.