Market Lessons From A Veteran: A Look At Nilesh Shah’s Reading List
Are experts better at forecasting a market crisis than the layperson? How does random luck enable the success of an individual? Is success based solely on merit? These are some of the themes in books discussed by Nilesh Shah, which according to him, are “ego busters”.
Here’s a look at the reading list of the managing director of Kotak Asset Management.
Scam: From Harshad Mehta To Ketan Parekh, By Debashis Basu And Sucheta Dalal
Based on the Harshad Mehta scandal, this book portrays the “wild west prevailing in the market in the early 90s”. This book is a reminder to go beyond regulations to be morally correct all the time, said Shah.
Mahabharata And Ramayana
“I have read many versions of these books over the years. They always teach something new. Both these ‘granths (texts)’ teach you about your fiduciary responsibility,” said the fund manager.
Poor Charlie’s Almanack, By Warren Buffett And Charles Munger
This book, according to Shah, shows the evolution of investment philosophy of Charlie Munger in a lucid manner. “It’s always good to learn from the masters.”
Superforecasting, The Art And Science Of Prediction, By Philip Tetlock And Dan Gardner
This book proves there’s hardly a difference between the forecasting output of a professional and a common man, according to Shah. “A good ego buster to keep myself humble enough to know my limits.”
Fooled By Randomness, By Nassim Nicholas Taleb
This book is “another ego-buster to keep myself grounded”, he said. “We give far less credit to luck (random events) for our success.”
If God Was A Banker,
Don’t Tell The Governor
By Ravi Subramanian
“These thrillers capture real-life situations in the world of finance. It helps you unwind after a hard day’s work,” is how Shah describes the two books.
Hedgehogging, By Barton Biggs
A good read to understand the world of hedge funds which move the market with their sharp trades.