Episode · Invest Like the Best · 2017-11-21
Patrick O'Shaughnessy & Connor Leonard: books mentioned on Invest Like the Best #64
Connor Leonard - Capital Light Compounders & Reinvestment Moats - [Invest Like the Best, EP.64]
This week’s conversation is an ode to old school, fundamental public market investing. My conversation is with IMC’s Connor Leonard, who spends most waking hours thinking and reading about markets.
Connor Leonard recommended The Outsiders by William N. Thorndike Jr. and Margin of Safety by Seth Klarman.
Books mentioned, in the order they came up
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The Outsiders
Recommended“So William Thorndyke has been a guest on your podcast. His book, The Outsiders is one of my favorite business books. There's a handful of management teams out there that I would say are outsider management teams.”
Where to get it
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Margin of Safety
Recommended“One of the partners in our fund when I was in my first week gave me the book margin of safety. Um, I remember reading the first chapter late one night and it was literally the light bulb went off and I became obsessed with value investing from that point.”
Where to get it
Other mentions in this episode (4) — ad reads, self-promotion and passing references, never counted
Passing Margin of Safety
“So what I mean by that is if you were to go back to securities analysis, Ben Graham's work, or even looking more at like Seth Klarman's stuff from margin of safety, a lot of it is you're looking for statistically cheap securities.”
“So what I mean by that is if you were to go back to securities analysis, Ben Graham's work, or even looking more at like Seth Klarman's stuff from margin of safety, a lot of it is you're looking for statistically cheap securities.”
Passing Sapiens
“The whole pet food market is one that I like to spend time on and just look at companies in there because you've got this trend, the humanization of pets, which is basically, you know, what I like to say is humans have been domesticated pets for 15,000 years. That's what the book Sapien said, but it's changed a lot,”
Passing Margin of Safety
“So I find often in investing stories like yours that, you know, maybe Seth Klarman's book is like one version of a mentor. Um, maybe describing the experience of who the mentor was first and foremost, but kind of why they were a mentor or how they did it with you and how it impacted you.”