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Gautam Baid
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The Joys Of Compounding: The Passionate Pursuit Of Lifelong Learning Paperback – November 20, 2020

by Gautam Baid (Author)
4.6 4.6 out of 5 stars 2,094 ratings
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Value investing is not just a system for success in the market. It is also an intellectual toolkit for achieving a deeper understanding of the world. In The Joys of Compounding, the value investor Gautam Baid builds a holistic approach to value investing and philosophy from his wide-ranging reading, combining practical approaches, self-cultivation, and business wisdom. Distilling investment and life lessons into a comprehensive guide, Baid integrates the strategies and wisdom of preeminent figures whose teachings have stood the test of time. Drawing on the work of investing greats like Warren Buffett, Charlie Munger, and Ben Graham, as well as philosophers and scholars, he artfully interweaves the lessons learned from his many teachers. Baid demonstrates their practical applications in the areas of business, investing, and decision making and also shows that these ideas can be applied to one's own life with just as much reward. A celebration of the value investing discipline, this book also recounts Baid's personal experiences, testifying to his belief that the best investment you can make is an investment in yourself. The Joys of Compounding offers curated reflections on life and learning for all investors, investment enthusiasts, and readers seeking a dose of practical wisdom.
Previous page
  1. Print length
    456 pages
  2. Language
    English
  3. Publisher
    HarperCollins India
  4. Publication date
    November 20, 2020
  5. Dimensions
    7.87 x 1.97 x 9.84 inches
  6. ISBN-10
    9390351014
  7. ISBN-13
    978-9390351015
  8. See all details
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Editorial Reviews

About the Author

Gautam Baid, CFA, is portfolio manager at an SEC-registered investment advisor based in Salt Lake City, Utah. Previously, he served at the Mumbai, London, and Hong Kong offices of Citigroup and Deutsche Bank as senior analyst in their healthcare investment banking teams. Baid is a CFA charterholder and member of CFA Institute, and in 2018 and 2019 he was profiled in Morningstar's Learn from the Masters series.

Product details

  • Publisher ‏ : ‎ HarperCollins India (November 20, 2020)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 456 pages
  • ISBN-10 ‏ : ‎ 9390351014
  • ISBN-13 ‏ : ‎ 978-9390351015
  • Item Weight ‏ : ‎ 1.1 pounds
  • Dimensions ‏ : ‎ 7.87 x 1.97 x 9.84 inches
  • Customer Reviews:
    4.6 4.6 out of 5 stars 2,094 ratings

About the author

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Gautam Baid

Gautam Baid

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Gautam Baid, CFA, is portfolio manager at an SEC-registered investment advisor based in Salt Lake City, Utah. Previously, he served at the Mumbai, London, and Hong Kong offices of Citigroup and Deutsche Bank as senior analyst in their healthcare investment banking teams. Baid is a CFA charterholder and member of CFA Institute, and in 2018 and 2019, he was profiled in Morningstar’s Learn From The Masters series. Learn more at www.TheJoysOfCompounding.com and connect on Twitter @Gautam__Baid.

Customer reviews

4.6 out of 5 stars
4.6 out of 5
2,094 global ratings

Top reviews from the United States

Frustrated in Minneapolis
5.0 out of 5 stars Excellent book.
Reviewed in the United States on December 12, 2023
Verified Purchase
Using it to teach my grandkids about managing their money. The first couple of sections are great about expanding personal knowledge and improving decision making skills. Has informaton on choosing stocks, not much on mutual funds.
One person found this helpful
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AL_Fires
5.0 out of 5 stars Best book on the Subject Matter...Ever.
Reviewed in the United States on May 14, 2019
Verified Purchase
Right up front, I've never personally written a review for a book, even though I have read many 100's of "suggested" books that will be recommended to you by Amazon from this purchase, including Charlies Almanack, anything and everything Warren Buffett, Bogle, Investing, Peter Lynch. You name it, I read it.

However, for me, what this book and Mr Baid's effort for me is precisely what he set out to communicate, that life is very much amount Compounding and off of this book I've sourced many other books that have aided me in my personal efforts. Not only is this written with a 'giving' spirit' but Mr Baid provides actionable advice, philosophical, practical, and conceptual tools.

The book exceeded expectations and was thick, like a Tome! I'm more than half-way through, underlining as much as I can and then transferring specific passages to my own diary/notebook. I truly love this book not just because it (and Mr Baid) deliver as promised, but because it has mentally 'unstuck' me as to how life truly works.

Thank you for writing this book, Mr Baid!
9 people found this helpful
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Jayashree V. Patwardhan
4.0 out of 5 stars Easy read
Reviewed in the United States on June 21, 2019
Verified Purchase
I read one chapter every few days and go back. Makes it more interestin
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Amazon Customer
5.0 out of 5 stars Investing Gold
Reviewed in the United States on April 30, 2019
Verified Purchase
This is a remarkable summation of investing wisdom revealed by the best (and wealthiest) minds of our time. While investing writing and theories are sometimes complex, the writing of this book is neither ponderous, boring nor only accessible by professionals. Gautam Baid condenses the worldly wisdom of Buffett, Munger, Graham and many other leading investors into an easily readable and informative collection of essential concepts investors need to understand if they are to survive and thrive while putting their money to work to improve their futures.

The Joys of Compounding is a book for the rest of us, (although I suspect it will be a very valuable read for professionals as well). It is a rich and understandable explanation of the tools necessary to develop the discipline, flexibility and patience necessary to make the most of whatever store of wealth each of us has. This book is well worth reading. In fact, if you read only one book about investing in your lifetime, this is the book you should read -- over and over.
7 people found this helpful
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Camachy98
5.0 out of 5 stars Simply Magnificent!
Reviewed in the United States on July 12, 2019
Verified Purchase
This book is an excellent starting point for anyone looking to get a well rounded understanding on the concept of compounding as it relates to life and wealth. The book goes into amazing detail about the mental models that have propelled folks like Munger, Buffett, Pabrai, and other "Value" oriented investors towards phenomenal success.

More importantly, the author is not trying to sell you on anything. There is no "special link" or special website to visit, or anything that seems like a gimmick. The Joys of Compounding is simply the authors attempt to deliver a fantastic compilation of resources and models, with the sole goal of adding value to humanity. In a world saturated with "hidden motives", "bait and switches", and the commercialization of knowledge; we need more books like this.

Definitely one of my top go to books for 2019 and for many years to come!
3 people found this helpful
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Mktwizard
5.0 out of 5 stars A Philosophy of Life
Reviewed in the United States on July 17, 2019
Verified Purchase
I often try to explain to individuals that Value Investing is not simply an investing style but rather a comprehensive approach to life. This book is a gem in bringing together all the relevant threads of value investing but more than that it is a wonderful explanation to those who are not investing professionals to the way a value investor approaches life. i highly recommend buying this book and keeping it by your night stand..it is a wonderful collection of all the best thoughts and beliefs on value investing. you will not only learn to compound monetary wealth more effectively but you will more importantly learn how to compound happiness which is far more valuable.
2 people found this helpful
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Randy C. Norton
5.0 out of 5 stars The Joys of Compounding is The 10th Wonder of the World
Reviewed in the United States on May 29, 2019
Verified Purchase
If the 8th Wonder of the World is compound interest (Einstein), and the 9th Wonder of the World is compound interest tax-free (McMillen), then the 10th Wonder of the World is the Joys of Compounding and the Pursuit of Lifelong Learning (Baid). This book is gospel for the Value Investors’ cannon of mental motels. In the words of C.S. Lewis: “...good and evil both increase at compound interest. That is why the little decisions you and I make every day are of such infinite importance. The smallest good act today is the capture of a strategic point from which, a few months later, you may be able to go on to victories you never dreamed of.”
5 people found this helpful
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Top reviews from other countries

Usman Sikandar
5.0 out of 5 stars One of the best books on value investing.
Reviewed in Canada on June 27, 2022
Verified Purchase
The media could not be loaded.
 This book contains everything, from the most important quotes to the checklist before making an investment.
Gautam writes that the best book is the one which talks to u. I have read this book almost 3 times and each time i get something new and very valuable from it.
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Usman Sikandar
5.0 out of 5 stars One of the best books on value investing.
Reviewed in Canada on June 27, 2022
This book contains everything, from the most important quotes to the checklist before making an investment.
Gautam writes that the best book is the one which talks to u. I have read this book almost 3 times and each time i get something new and very valuable from it.
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One person found this helpful
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B.Sudhakar Shenoy
5.0 out of 5 stars Read. A Lot.
Reviewed in India on November 14, 2022
Verified Purchase
Financial independence is perhaps the most underrated concept. In India for example, it is estimated that only 1 in 10 working people have solid plans for a comfortable retirement, and 7 in 10 exhaust all their savings within 10 years of retirement. This book is for those who wish to retire (even early), and yet live happily, by investing wisely.

First and foremost, it is an excellent collection of thoughts from giants like Warren Buffet, Charlie Munger, Peter Lynch, Daniel Kahneman, Benjamin Graham, Peter Kaufman, Nassim Taleb and John Maynard Keynes, (to name only a few), borrowing heavily from their work. In fact, this book is a perfect synthesis of concepts, elegantly and intricately woven to demystify the complexity of the world of investing.

For the author, investing in oneself by inculcating good values and habits forms the foundation of investing one’s money. An important facet of self-improvement is to read, and read and read. Quoting Mark Twain, “The man wo doesn’t read good books has no advantage over the man who cannot read them”. This book itself is a result of ‘Synoptical reading’ which synthesizes the knowledge from a comparative reading of several books. He explains the Mathew Effect, wherein the person with a larger knowledge base acquires expertise at a faster rate. This explains why people like Buffet and Munger are relentless learning machines, reading for several hours every day. This abundant knowledge base with thinking and reflection, gives them an enormous edge over others in making some of the smartest decisions. On the other hand, most people lose money, wasting time by viewing TV Channels that distract our thought process and broadcast ‘investment strategies’ that are of no value. In fact fueled by dopamine, many are driven to ruin by impulsive investments and speculative day trading, relying on such junk.

Investment is very simple, but not easy, said Warren Buffet. Investing in good quality equities, at bargain prices, or value investing, is the core of this book. In addition to identifying quality stocks, the other important side of wealth creation is giving adequate time. This means investing early, through rigorous financial discipline and delayed gratification. A great example is that Warren Buffet would be worth only $ 2 Billion today instead of $ 85 Billion that he actually is, had he delayed his investments till age 30. Not a small difference indeed. People focus on stocks as a means to become rich quickly, not very different from betting and horse racing. Patience pays in the stock market. A dollar invested in gold in 1802 is worth $ 4.52 in 2002 (value preserved), that in bonds is worth $ 1778 (sure and steady returns) while that in stocks is a whopping $7,04,997 (example of wealth creation). The annualized return from these asset classes is 0.7 %, 3.6 % and 6.6 % respectively.

There is substantial emphasis on investing selectively in excellent businesses run by excellent managements. Just as man is judged by the company he keeps; he can also be judged by the portfolio he owns. Integrity, strong customer value proposition, deep moats through technology and brands and prudent capital allocation, create sustainable competitive advantage to such firms. Bad firms are destroyed in a crisis, good firms survive a crisis and great firms actually improve after a crisis, says the book. These are the firms that have successfully endured the waves of ‘creative destruction’ and are in fact those who are at the forefront of innovation, creating an uncontested marketplace. Warren Buffet and Charlie Munger are masters at identifying such great companies and invest in them when markets are in a downturn.

The book also has some concepts on investing in cyclicals, that to me appears counter intuitive, and even hazardous. While the author has been successful in many instances (after learning from mistakes), many examples in the Indian context would not pass the Buffet-Munger test on quality.

A chapter on Insurance (life, medical and property), to mitigate unforeseen downward risk would have added substantial value, especially in the Indian context.

Though this book is an excellent storehouse of knowledge, in my opinion, the structure and sequencing of topics needs a re-look. This is a very minor observation, and not a criticism.

To all those who need this book the most, and are not in the habit of reading regularly, the 400 plus pages can put them off. But I can assure them that this time well spent, and perhaps the best investment, with a potential to change their lives. Someone said, ‘We have two lives; the second one starts when we realise that we have only one’. James Bond would agree too!!

Thank you, Mr Baid. This book is a lighthouse to millions of young people, for a better tomorrow. This book shall be my loving Christmas and New Year gift to those who need it most, amongst family and friends. The joy of giving also follows the law of compounding.
32 people found this helpful
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Julien Husser
5.0 out of 5 stars An outstanding book for investors
Reviewed in Germany on November 6, 2020
Verified Purchase
The joys of compounding is an outstanding book that I am already reading for the third time. Gautam Baid has put in words what would have taken me many years to figure out on my own. The author managed to use the teachings of Buffett, Munger, Klarman, etc. to create a consistent philosophy of investing and of life in general. I cannot recommend it enough!
One person found this helpful
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Antonio
5.0 out of 5 stars Investment Passion
Reviewed in Spain on June 9, 2019
Verified Purchase
A great compendium of ideas from the best investors. Mr. Baid shows passion for learning and for the investment profession. You will find all the important quotes from the greatest of all time and many phrases from Mr. Baid himself that will undoubtedly become part of that “quote library”.

Very enjoyable, for beginners and professionals alike.
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Mr Nicholas Martin
5.0 out of 5 stars A non-stop journey through the power of compounding and worldly wisdom
Reviewed in the United Kingdom on May 3, 2019
Verified Purchase
A fantastic read which distils so much wisdom from the investment classics into a single book. Gautam reminds us that the value of compounding is much more than purely financial. Buy the book (and a new highlighter pen as you will need it!)
5 people found this helpful
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