025 - Jacob Wolinsky
Jacob Wolinsky worked in investing and financial journalism before founding ValueWalk, a site that curates information about investing, hedge funds, asset management, and the broader world of finance. We explore Jacob’s journey as an investor and an entrepreneur. This episode was a real treat for me because our guest was (and continues to be) instrumental to my growth as a value investor. Jacob gave us a ton of awesome reading material, and I can’t wait to dive into it.
Links from the Show
ValueWalk www.valuewalk.com
ValueWalk Premium www.valuewalkpremium.com
Hidden Value Stocks www.hiddenvaluestocks.com
Jacob’s Reading List www.strategychainpodcast.com/support
Time Stamps
0:06:34 – Jacob’s first experience as an investor: right for the wrong reason!
0:08:38 – A revelation: Benjamin Graham’s book The Intelligent Investor
0:14:49 – Greater Fool Theory: Beanie Babies and Trading Tulips
0:18:12 – Cigar Butts: Classic value investing
0:21:40 – The role of psychology in investing
0:24:15 – Jacob’s professional path into investing
0:32:01 – How Jacob got started writing for GuruFocus
0:40:40 – Circle of competence & the danger of overstepping like Long-Term Capital Management
0:44:22 – Patience: David Einhorn’s Fooling Some of the People All of the Time and Christine Richard’s Confidence Game (About Bill Ackman)
0:46:36 – Joel Greenblatt: positions took 2-3 years before they worked (on average)
0:47:43 – The advantages of being a small investor
0:50:04 – Taking the jump: focusing on ValueWalk full time
1:17:49 – HiddenValueStocks.com background
1:22:11 – Thoughts on conducting valuation after having run a real business
1:31:35 – Investing is extremely dependent on the individual’s personality
1:35:03 – Jacob’s favorite investing books: John Neff’s books (particularly John Neff on Investing), David Dreman’s books (particularly Contrarian Investing Strategies), Christopher Browne’s The Little Book of Value Investing, James Montier’s The Little Book of Behavioral Investing, The Millionaire Next Door by Thomas Stanley and William Danko, John Bogle’s books, Bruce Greenwald’s Value Investing from Graham to Buffett and Beyond, John Train’s Money Masters of Our Time, Joel Greenblatt’s You Can Be a Stock Market Genius, Ben Graham and David Dodd’s The Intelligent Investor, Andrew Tobias’ The Only Investment Guide You’ll Ever Need, William J. Bernstein’s The Four Pillars of Investing.
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