Useful Resources for Investors

Walbrock’s Resource Page

Welcome to the Walbrock’s resource page where you can find help to improve your investment, accounting and finance skills.

Before listing the resources below, I want to say that investment isn’t a sprint to the finish line but represents a journey of progress.

So, whatever your experience, there are resources for everyone. If you are a beginner, there are books below to get you started. But for the experienced, you need to improve your investment performance by increasing your investment knowledge which will unlock more opportunities.

Without further ado, here are Walbrock Research recommendations.


We begin with the basics.


Getting to know a company’s financial statements

A company’s financial statements consist mainly of Income Statement, Balance Sheet and Cash Flow.

To help you interpret the financial statement, we got the world richest investor.


Warren Buffett and the Interpretation of Financial Statements (Easy, Financial statement)


If you are new to investing or struggle to make heads or tails of the company’s main accounts, then why not listen to the world richest investor, Warren Buffett on his honest commentary and his insight into what each financial item represents.

This book (written by Mary Buffett) helps you (step-by-step) to understand financial statements that investors meant to read it.

A great book for beginners.


Strengths: –

1). Very honest opinions;

2). Explain each financial item and the role it plays in the financial statement;

3). Easy to understand.


Weaknesses: –

1). Focuses on American accounts;

2). It is not for experienced investors;


Where you can buy

Amazon: – Click on the image above to purchase.

On you can buy it from Waterstones and Blackwell.


Further recommendations

For the UK audience, who find Buffett’s book too American, a great complimentary book I recommend is

Accounts Demystified: The Astonishingly Simple Guide To Accounting by Anthony Rice, which you can order HERE


If you have some experience in reading financial statements and think the above is too basic, then why not check this book out.


Interpreting Company Reports by Holmes, Geoffrey, Sugden, Mr Alan, Gee, Paul (Hard, Financial statements and notes)

This book or textbook (highly recommended for University students and experienced private investors) is a step-up from the introduction of the financial statements.

It covers every nook and cranny of a company’s financial statements which includes the accounting notes explaining each financial items and calculation.





1). A comprehensive guide to the financial statements;

2). It goes into details of financial items and concepts.



1). The book is a little out of date on keeping up with new UK accounting standards.


Where else you can buy

You can purchase the same book from eBay, Blackwell and Waterstones.


Next, we move on and look at some popular investment strategies to adopt, which will suit your needs and make you money.



Value Investing

This is a popular investment concept.

It is the art of investing at a fair price or below the company’s book value. The idea is to buy the company’s valuation at a reasonable so you are MORE likely to see the share price rise and less likely to see it fall in value.

Value investing is one of the most popularised investing concept and is easy to understand,

Below are some popular value investing resources that will help you:


Warren Buffett Accounting Book: Reading Financial Statements for Value Investing (Easy, value investing)


A step-up from “Warren Buffett and the Interpretation of Financial Statements”, this book goes into detail about the company’s financial statements.

The authors have written other books, and their other popular one compress three of Buffett’s books into one and is called: “Warren Buffett’s 3 Favourite Books: A guide to The Intelligent Investor, Security Analysis, and The Wealth of Nations”


A beginner guide to financial statements with value investing features.



1). A beginner’s guide to financial statement;

2). Concepts and presentation is nicely presented;



1). Too easy for experienced value investors;


Where to buy

You can also purchase this book in WH Smith, Waterstones and eBay.


Recommended reading

If you want to understand some basic concepts of value investing, below are some free articles.

1). Learn the Basics of Value Investing by The Balance

2). The Beginner’s Guide to Value Investing by Money under 30

3). Value investing: dead again? by The Investor Chronicle

4). Will ‘value investors’ win in 2017? by Schroder


Deep Value Investing (Medium, Value Investing)

If you want a deeper understanding of value investing or requires steps to make an investment using this concept, then look no further than “Deep Value Investing”. It’s a book dedicated to Benjamin Graham and written in a way suitable for the UK audience.

The writer also goes into detail about his investment portfolio by explaining each of his investment one-by-one. That part is super insightful because he reveals his investment case for each stock and the outcome of each of his stock.


Great insight and practical approach to value investing.



1). It is value investing for the UK audience;

2). A practical approach to value investing;

3). Give readers ideas on how to craft their value investing portfolio;

4). Buying stock on the cheap means you are less likely to lose money.



1). We are in a bull market, so deep value stocks are hard to come by.

2). The writer has a skill in finding undervalued investment, but in so cases, he has a tendency to sell too early.

3). Also, it ignores dividends.


If you master the art of value investing, then below are some resources that would suit your needs.


Buffett Beyond Value: Why Warren Buffett Looks to Growth and Management When Investing (Medium, Value and Growth)


This book is a step up from “Warren Buffett and the Interpretation of Financial Statements” and “Warren Buffett Accounting Book: Reading Financial Statements for Value Investing.”

It goes further by combining value and growth investing, which leads to spectacular investment returns.

Also, Buffett shares his secret to investing in sectors such as insurance, retailing, manufacturing and utilities. As well as share his useful insights into risk, portfolio, profitability, psychology and corporate governance.


It is a book full of ideas!



1). Well written for comprehension.

2). It gives experienced investors more tools in the toolbox.

3). An advanced Buffett book that includes the topic of valuation.



1). It focuses on an American audience.

2). Readers require some basic understanding of Buffett investment style.


Where you can buy

Instead of reading this book, why not order it for free at Amazon Audible by signing up to the 3-month free trial  HERE.

You can also purchase this book at Google and Kobo.


Invest in the Best: Applying the principles of Warren Buffett for long-term investing success (Medium, Buffett’s investment principles)

A book written by Keith Ashworth-Lord, who manages the SDL UK Buffettology Fund is great for UK audience.

If you have been struggling to utilise Buffett’s concepts for UK Stocks, then this book is a treat and savour. Also, it goes into depth with Buffett’s ideas and approach to investing.


Good for UK audience.



1). This book suits the UK audience;

2). Goes into detail of Buffett concepts;

3). Written by someone with decades of experience and is an active investor.



1). Not for an American audience (you guys got the Oracle himself!);

2). Ideas and concepts not suitable for a beginner.

Where else can I buy this book? 

Apart from Amazon, you buy the book from Google and Harriman House.


Why Debt and Cash Flow matters?

If you want QUALITY in your investment portfolio, rather than quantity, then this next book will show you the way.


How to Pick Quality Shares: A Three-Step Process for Selecting Profitable Stocks (Easy, Cash flow and debt)

This book is written by financial analyst Phil Oakley. He a professional share analyst with 13 years of experience working for leading City institutions. Now, he’s at ShareScope. You can read his investment insights in the ShareScope blog.

His new book on “how to pick quality shares” explains how to find quality businesses and goes on to explain why debt is dangerous for shareholders’ wealth.

And it uses cash profit (not accounting profit) to value company shares.


Overall, its Quality over Quantity.



1). Easy to read and understand;

2). Tells you how to pick quality over mediocre;

3). It explains the danger of debt and how it can impact the valuation on the company’s share price.

4). Lots of examples and analysis.



1). Too easy for the experienced investors;

2). Bias to resources relating to ShareScope;

3). Advocate one way of valuing companies.


Reading recommendations

Here are some free resources to help you to understand a few basic concepts of the book.

1). What is a Free Cash Flow? By CFI.

2). Enterprise Value vs Equity Value by CFI.


Further recommendations

If the above isn’t enough, or you require more practical perspective then the following resources below:

1). The defensive value investor by John Kingham, where you can order HERE.

2). Shares Made Simple by Rodney Hobson and order it HERE.

3). Think and trade like a champion by Mark Minervini by ordering it HERE.

4). Zero to £1m: My stock market lessons and techniques by James Smith, and order it HERE.


Dividend Investing 

Understand value and growth will set you for something bigger than capital gains or appreciation. The idea of a company growing in value won’t satisfy every branch of the investment community. One community is people who are close to retiring or retirees seeking an annual income from their investment portfolio.

The average size of the UK pension pot is around £50,000. And according to one study the UK pension assets amount to $2.8 trillion (£2.3 trillion) or the second biggest in the world.

To find quality and sustainable dividend stocks.


Keeping Your Dividend Edge: Strategies for Growing & Protecting Your Dividends (Dividends, Medium)

Want to be a dividend investor? For those seeking an extra source of income than can be very rewarding.

So, how do I go about accomplishing this mission?

One way is learning to pick stocks that not ONLY pay a sustainable dividend but increases their annual payout each year. To do this you need to expand your knowledge of dividend investing, which is why I recommend this book.


For those who are near retirement or seeking extra income.



1). Easy to read.

2). Author Todd Wenning is a proven analyst and has a track record of managing an investment portfolio.

3). A book that explains almost everything about dividends, but most importantly how liabilities and operational performance affect dividend policies.



1). Requires basic dividend knowledge (see below).

2). Includes a lot of U.S. references.


Recommended reading

Here are some free resources to help you get interested in dividends:

1). The Beginner’s Step-By-Step Overview of How Dividends Work by The Balance.

2). Our Guide to Dividend Investing for Beginners by The Motley Fool.

3). Dividend Investing by Monevator (articles written by Todd Wenning).



Further Recommendations

If you think the book isn’t suitable and want some other expert insights.

1). The Dividend Investor: A practical guide to building a share portfolio designed to maximise income. You can buy it HERE.

2). Step by Step Dividend Investing: A Beginner’s Guide to the Best Dividend Stocks and Income Investments (Step by Step Investing Book 2). Buy it HERE. Or, you can get it on audio by signing up for the three-month free trial HERE.


Combating accounting gimmicks

Sometimes, financial accounts are misleading and this led to retail investors believing the company’s financials were fine. Next thing they know, their investment took a tumble for the worse.

Here are the following resources to combat this greed and deception:

Financial Shenanigans by Howard M. Schilit and Jeremy Perler (HARD, Accounts manipulation)

When money is involved, fraud is not far away. Given the UK stock market has a total value of $3.61 trillion or 145% of GDP this invites a lot of fraud.

Ignoring boiler room scams, there are companies that do a bad service by giving misleading information to investors by either (or both) giving positive outlooks and present their best (and misleading) results. In most other cases, the company’s fundamentals were bad.

To combat this, you need to learn and understand how management is able to manipulate accounting standards to their advantage, which is why I recommend financial shenanigans by Howard M. Schilit, as he is the best in the business.

It goes through line-by-line of the financial statements on how each financial item can be manipulated to fit into the company’s management narrative.

A Great Book to keep you away from poor and bad companies.



1). Teaches you how to avoid various earnings manipulation tactics.

2). It looks at how the cash flow statement can be misleading.

3). There is a new section on acquisition accounting shenanigans.

4). In the end, it teaches how an investor put all this knowledge together.

5). For readers who are students in finance or is taking a course in forensic accounting this is a must-read book.



-It is written for an American audience, but useful worldwide and for people with financial and accounting knowledge.

-Uses a lot of examples from U.S. Companies that you may not be familiar with.


Where you can buy

Get it from Amazon Audible for free by signing up to the 3-month free trial HERE.


Creative Cash Flow Reporting (Hard, self-explanatory)

Cash may be king, but it can be misleading. This puts a dent into your investing philosophy since it is the holy grail for superior long-term investing (Capital gains and dividends).

To tackle this issue, you need one book (if you are experienced) “Creative Cash Flow Reporting” tackles this issue with grace and it solely focuses on all things cash flow and absorbing this knowledge means management will have a hard time deceiving you.


Cash is king!



1). An in-depth comprehensive on the cash flow statement.

2). Easy to read.



1). Not for beginners;

2). The book relates to U.S. companies and accounting standards.


Where you can buy

You can get on Google.


Reading recommendations

For those who require a basic understanding of cash flow check out these free resources:


2). The Importance Of Cash Flow Analysis by Share Investment

3). Cash Flow by Graydon



Having the right investing mindset

Like in any job, having the right mindset, approach and emotion play a key role in your success. Investing is no different.

To help you get into the right frame of mind, check these books out:


The Little Book of Behavioural Investing: How not to be your own worst enemy (Medium to Hard, Understanding your investment habits)

Have you ever lost your cool when seeing an investment lose value? Do you have a tendency to abandon your investment strategy and philosophy, when some stocks turned into bad apples?

This is a problem in the investment community, but it sorts out the long-term winners from the losers. And investing psychology and behaviour plays a major role in your success.

To tame this madness (see the book title), I recommend this book.


Recommended reading

1). 8 Psychological Traps Investors Should Avoid by Investopedia.

2). An Introduction to Behavioral Finance by Investopedia.



Further Recommendations

Other psychology books which are useful:

1). Investment Madness: How Psychology Affects Your Investing…and What to Do About It which you can buy it HERE.

2). The Psychology of Investing which you can buy HERE



Hope the above resources help you in your quest to become a better investor and give you the courage to ask sophisticated questions to your investment advisor. By the way, this page gets updated as the website grows, so stay tuned for the latest update. Remember to please subscribe if you want new updates.

P.S. All links are affiliates with Walbrock Research.