With a focus on value investing and long-term analytical thinking, equipping the team with a structured and relevant learning resource system plays a crucial role in building an analyst team with depth of thought and strong technical skills. Below is a curated list of materials supporting our investment research activities:
(1) Foundational Knowledge – Finance & Valuation
How to Read a Financial Report – John A. Tracy
Summary:
A clear, accessible guide to reading financial statements, including the balance sheet, income statement and cash flow statement. The book emphasizes understanding the relationships between the statements rather than reading each one in isolation.
Significance:
Equips analysts with the ability to read and interpret financial statements – a foundational skill in evaluating companies. It helps junior analysts avoid the trap of “reading the numbers without seeing the bigger picture”.
Value: The Four Cornerstones of Corporate Finance – McKinsey & Company
Summary:
Introduces four core principles of corporate finance:
- Value is created from cash flows
- Investment efficiency
- Sustainable growth
- Risk and capital management
Significance:
Provides a logical and quantitative framework for assessing the intrinsic value of a business – the core of the value investing philosophy.
(2) Understanding Business Operations – Business Models & Cycles
The Business Cycle Approach to Equity Sector Investing – Fidelity Investments
Summary:
Explains how sector groups move through each phase of the economic cycle and how to identify investment opportunities based on macroeconomic timing.
Significance:
Helps investors not only recognize “good businesses” but also understand when to invest based on the position in the cycle, adding macroeconomic depth to equity investing.
MBA Casebooks (Harvard, Wharton, INSEAD…)
Summary:
A collection of real-world business cases on strategy, finance, M&A, valuation and management decision-making.
Significance:
Helps analysts develop strategic thinking and an operational perspective, leading to a more practical understanding of business models in the context of valuation and investment.
(3) Investment Mindset – Philosophical & Quantitative Perspectives
Warren Buffett & Charlie Munger – Letters and Speeches
Summary:
A collection of shareholder letters, speeches and timeless investment insights from two legendary value investors.
Significance:
Cultivates a durable value investing mindset focused on excellent businesses, transparent governance and a margin of safety. This serves as the cultural “compass” for the company’s investment philosophy.
Equity Asset Valuation – CFA Institute
Summary:
A comprehensive textbook on equity valuation techniques: DCF, dividend discount models, P/E, EV/EBITDA and their application in real-world investing.
Significance:
Strengthens valuation skills on a rigorous academic foundation, helping the research team ensure systematic, consistent and reliable equity analysis.
(4) Complementary Skills – Decision-Making & Effective Communication
Thinking in Bets – Annie Duke
Summary:
Explores decision-making under uncertainty, emphasizing probabilistic thinking, risk management and cognitive flexibility.
Significance:
Helps investors recognize cognitive biases, avoid overconfidence and improve investment decisions when information is imperfect.
Storytelling with Data – Cole Nussbaumer Knaflic
Summary:
A guide to effective data visualization, avoiding cluttered charts and communicating insights clearly through data storytelling.
Significance:
Enhances the ability to present investment analysis to management, funds or partners, turning dry figures into compelling narratives.
Conclusion
This body of materials has been built with purpose – from fundamental to advanced, from technical skills to qualitative thinking – in support of the company’s long-term value investing strategy. Proactively learning from high-quality materials not only enhances the team’s capabilities but also reinforces a culture of continuous learning – the foundation for sustainable development in an ever-changing investment environment.