Clay Liang

Reading

Books I've learned from and annual reports I've read. Updated as I go.

📚 Books

The Intelligent Investor
Benjamin Graham
Chapter 8 on Mr. Market is the best mental model for dealing with volatility in any domain — data, markets, or your own career. The rest is a long argument for doing homework before buying things, which shouldn't need 600 pages but apparently does.
finance investing
Investment Valuation
Aswath Damodaran
The textbook behind my DCF calculator. Damodaran is rare — an academic who admits his models are wrong and explains exactly how. The terminal value chapters should be required reading for anyone who's ever put a growth rate in a spreadsheet and called it a forecast.
finance valuation
Designing Data-Intensive Applications
Martin Kleppmann
Made me understand, retroactively, why every design decision in the Airbus pipeline was the way it was. If you're going to read one book on data engineering, this is the one. If you've already built a pipeline and it broke, this is the book that will tell you why.
engineering data
Thinking, Fast and Slow
Daniel Kahneman
Explains why certain dashboards work and others don't, better than any data viz course. Read it before Lenovo, re-read it after watching executives make decisions from my charts. System 1 is the audience for every deck you'll ever build.
psychology decisions
The Man Who Solved the Market
Gregory Zuckerman
Read it in a weekend. The takeaway isn't "quant trading is cool." It's that Renaissance found signal by hiring people who knew nothing about finance but everything about pattern recognition. The best financial returns came from outsiders. Encouraging, if you're an outsider.
finance quant
Python for Data Analysis
Wes McKinney
The Pandas bible. I reopen it every two weeks when I forget how multi-indexing works. At this point the spine is purely decorative.
technical python

📄 Annual Reports

I read these cover to cover. Not to become an analyst — to understand how organisations narrate their own numbers. Why I do this.

2024
ASML
45 minutes from Leiden by train. The risk factors read like a geopolitical thriller — export controls, single-customer concentration, a supply chain with no redundancy. I valued it from scratch.
2024
Airbus
Read this during my internship. The decarbonisation metrics I was dashboarding appear in the sustainability section, word for word. Surreal to see your own work cited in a public filing.
2024
Lenovo
The digital transformation language in this report is nearly identical to the internal strategy decks I saw as an intern. Makes you wonder who writes which first.
2023
JPMorgan Chase
Dimon's shareholder letter is a masterclass in narrating uncertainty without hedging everything into meaninglessness. The AI section is what pointed me toward fintech.
2023
Berkshire Hathaway
Buffett's letters are the original blog posts — short, opinionated, zero corporate speak. The contrast with JPMorgan's 400-page filing tells you everything about how different companies think about disclosure.