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 a deep-thinking and technically strong analyst team. Below is a curated list of supporting materials for investment research:
(1) Core Knowledge – Financial & Valuation Fundamentals
How to Read a Financial Report – John A. Tracy
Summary:
A clear and accessible guide to reading financial statements, including the balance sheet, income statement, and cash flow statement. The book emphasizes understanding the interconnections among statements rather than reading them in isolation.
Significance:
Equips analysts with essential financial statement literacy—a fundamental skill in evaluating businesses. Helps young analysts avoid the trap of “reading numbers without seeing the big picture.”
Value: The Four Cornerstones of Corporate Finance – McKinsey & Company
Summary:
Introduces four core principles of corporate finance:
- Value is driven by cash flows
- Investment efficiency
- Sustainable growth
- Risk and capital management
Significance:
Provides a logical and quantitative thinking framework to assess a firm’s intrinsic value—central to value investing philosophy.
(2) Understanding Business Operations – Business Models & Cycles
The Business Cycle Approach to Equity Sector Investing – Fidelity Investments
Summary:
Explains how different industry sectors behave across economic cycles and how to identify investment opportunities based on macro timing.
Significance:
Enables investors not only to identify “good businesses” but also to know when to invest based on cyclical positioning. Enhances macro-level depth in equity investing.
MBA Casebooks (Harvard, Wharton, INSEAD…)
Summary:
Collections of real-world business cases covering strategy, finance, M&A, valuation, and managerial decision-making.
Significance:
Exposes analysts to strategic thinking and operational insights, allowing for a more practical understanding of business models in valuation and investment contexts.
(3) Investment Mindset – Philosophical & Quantitative Perspectives
Warren Buffett & Charlie Munger – Letters & Speeches
Summary:
A compilation of shareholder letters, speeches, and timeless investment insights from two legendary value investors.
Significance:
Promotes a sustainable value investing mindset focused on great businesses, transparent governance, and margin of safety. Serves as a cultural compass for the firm’s investment philosophy.
Equity Asset Valuation – CFA Institute
Summary:
A comprehensive textbook on equity valuation techniques: DCF, dividend models, P/E, EV/EBITDA, and practical applications in real-world investing.
Significance:
Strengthens valuation skills with a rigorous academic foundation. Helps the research team bring structure, consistency, and reliability to equity analysis.
(4) Supporting 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 identify cognitive biases, avoid overconfidence, and improve investment decisions amid imperfect information.
Storytelling with Data – Cole Nussbaumer Knaflic
Summary:
Guides readers on how to visualize data effectively, avoid cluttered charts, and communicate insights clearly through data storytelling.
Significance:
Enhances the ability to present investment analyses to leadership, funds, or partners. Turns raw numbers into compelling, persuasive narratives.
Conclusion
This learning resource system is thoughtfully structured—from foundational to advanced, from technical skills to qualitative thinking—serving the company’s long-term value investing strategy. Proactive learning from high-quality materials not only enhances team capabilities but also reinforces a culture of continuous learning—a cornerstone for sustainable development in the ever-evolving investment landscape.