I get it, sorry if I didn’t react immediately! 
That’s the best thing to hear.
2 Likes
A Template For Understanding BIG DEBT CRISES by RAY DALIO.
I found it on Facebook… so you can order the fresh book in PDF format for free from Principles.com link. It’s 471 pages and I just downloaded it for myself. The title seems very interesting, but I don’t know the author otherwise.
The file size is about 70MB.
Edit: At least the first 15 pages have been very interesting. I recommend it.
2 Likes
Masselle and others can use the Inderes website, but there’s a Ray Dalio fan in my close circle, so it’s worth reading his books Ray also has his own Twitter/other site where you can follow him and his wise thoughts.
2 Likes
This video came to mind from Ray Dalio, where Ray explains simply in half an hour how the economic system works: https://youtu.be/PHe0bXAIuk0
2 Likes
Thanks, Verneri, for the great link. This should be mandatory viewing for everyone.
It makes you think a bit and be wary of taking on too much debt…
1 Like
I started a thread on Twitter at the beginning of the year (2018) where I briefly go through all the books I’ve read/listened to. Here’s a direct link to my Twitter account and the thread: https://twitter.com/SauliVilen/status/972008989541060608
You should check it out for potential reading recommendations!
6 Likes
I finished reading Ray Dalio’s A Template For Understanding BIG DEBT CRISES. It’s a really good and relatively easy-to-understand book. Especially the news comments running alongside the timeline on the page vividly illustrated the progression of crises. It’s easier for the reader to empathize with the development of crises and the emotional turmoil of the market. At the same time, the difficulty of timing was well highlighted: for example, during the 2007-2009 bear market, various bank supports, packages, or mergers were made throughout the spring and summer of 2008, and the nascent crisis seemed to remain just a problem for the financial sector. However, in the autumn, it truly crashed, and the sentiment for all stocks became really bleak.
I recommend it to everyone!
2 Likes
Any good reading recommendations on the derivatives market? Are there any in Finnish? English is okay too!
If you’re looking for non-fiction literature, John C. Hull: Options, Futures and Other Derivatives is used as course literature on the topic. It was a very clear basic work, and you can probably find it in PDF format if you type the book’s name into a Google search. 
3 Likes
Yeah, I’ve already managed to flip through a whopping couple of pages of the 8th version. I’ll probably have to set that 800-page package as a reading goal by the middle of next year. It’s kind of like that, with a lot of new things and in a foreign language, you have to read slower than usual. It looked good though, thanks!
No problem, glad the book is helpful. The topic itself is indeed quite difficult, so a calm pace is probably a good thing.
By the way, this playlist has videos explaining the content of the first chapters of that book. You might grasp certain things better this way, and it’s at least a good support tool alongside reading:
https://www.youtube.com/playlist?list=PLM9WI-4yn8BIROK_B1HCsdAlFGvAMdSJr
1 Like
I just noticed this thread. Definitely the best thread here, and I’ll be adding a lot to my reading list from here.
Thinking, Fast and Slow comes first for me, before others. If you haven’t read it, I recommend it.
I read it in English, so it’s hard to describe or summarize in Finnish, but here are a few keywords:
Nobel laureate, behavioral science, cognitive biases, prospect theory, etc.
Basically, it summarizes decades of research on how people think and act.
I also went through the last 20 books I’ve read and picked out the best/most entertaining ones in my opinion:
American Kingpin - tells the story of the founder of Silk Road (a website on the Tor network where drugs and other illegal items were sold) from his own perspective and from the perspectives of various authorities, such as the FBI.
Red Notice tells the story of Bill Browder, who went to Russia as an investor in the mid-90s and ended up becoming an activist investor. The story of everything that led to in Russia is incredible.
Spoiler: don’t become an activist investor in Russia
1 Like
Joel Greenblatt - You Can Be a Stock Market Genius
First off, I have to mention what’s brought up in all book reviews and Greenblatt’s interviews: Yes, this book has been given a silly and corny title. 
But in terms of content, it’s definitely one of the best investment books I’ve read so far. In an easy-to-read and concise package, it goes through various special investment situations (spinoffs, mergers, restructurings, etc.), and each situation includes case examples.
I believe that no matter how difficult a subject is, a truly knowledgeable person can explain it in an understandable way to someone who doesn’t know about it. Joel Greenblatt is one of those people who makes what he says sound reasonable. Not easy, but logical. In fact, while reading this book, I often get the feeling that, of course, such and such is the case, but at the same time, I experience feelings of insight. I can warmly recommend Greenblatt’s other literature (and videos, and lectures, and interviews, and…). The man knows his stuff and also tells it in a rather humorous style; it’s by no means dry financial theory.
2 Likes
No literature, but good stuff from Dalio in Blumm’s interview:
Then, let’s mention Juha and Sauli’s podcast about gurus. Many of them also have literature:
2 Likes
So-called “basic stuff,” but a really good article about the difficulty of beating the market. It provides good ingredients for critical thinking and self-development, an absolute must-read!
4 Likes
www.jayantbandhari.com contains something perhaps out of the ordinary.
Good point: why try to beat the market? For uncle, 5-6% annual return is fine, so a draw with Mr. Index is quite satisfying. And the best thing about being with the Index is that there’s unlimited time to do something else, like write these headlines:
1 Like
The advice was perhaps a little too abstract. It reminds me of people who write books about poker. Check, bet, raise – you get an incredible amount of roundabout advice on these choices. It’s good to do something, except when it’s not. It’s good to study, but you’re still not right. Even in the stock market, there are only two actions. You can buy and you can sell. What is the yardstick by which stock market success is measured? Or is the whole question absurd? You can calculate a math problem incorrectly, but are you wrong when you do or don’t do something in the stock market? I don’t know at all what other people are doing, and therefore I don’t know whether a stock will rise or fall. I consider consistency and planning to be virtues.
1 Like
Absolutely brilliant analysis! I wonder if this simpleton was also taught by Uncle Masse? After all the analysis and reading, you are ALWAYS ultimately at the doorstep of this dualism (I push, I don’t push the button). And the outcome for most in the long run is the same as Mr. Index or below.
That’s why Uncle Masse relies solely on the Inderes pages for all his investing and has done just as well in that game as all the other simpletons. But with the difference that the old man has an incredibly fun time and unlimited time to hang out on these gossip forums. The CEO even called him a forum legend there…
2 Likes
This is not a video, but I spotted this interview (thanks to Juha Ollikainen) in the Facebook Stock Investing group, featuring the man who traded with Soros, arguably the best investor in the world over the last 30 years:
The interview lasts 1.3 hours, a bit longer than I usually do. The content is pure gold; instead of staring at Netflix for the same amount of time, this will surely pay for itself. 
I shamelessly copied my comments about the video, which I also made on FB, below:
-That comment was good (the video was released in mid-November), that Mr. Druckenmiller intended to go heavily short in December if the stars aligned: they did. 
Another takeaway: a good jab at Buffett, who has cleverly shifted his investment activities to an insurance company, and thus hasn’t faced the same criticism in bad years/many years as hedge fund managers.
-Third: Druckenmiller’s humility in acknowledging that he is also wrong sometimes and his ability to cut losses quickly.
3 Likes