Robert L Schwartz

Credit investor by day, angel investor by night. Interested in capital markets, venture capital, and technology.

What I'm Reading

When I read something particularly rewarding I like to share. All of the files below are already freely available on the internet. I’m purely curating them in a centralized place based on what I see as valuable reading material. Feel free to browse. If you enjoyed something, send me a note on LinkedIn!

Counterpoint Global Insights

Michael Mauboussin is Head of Consilient Research for Counterpoint Global over at Morgan Stanley. I find his work to be fantastic because his team takes finance theory and integrates it into practical application. If you are taking graduate-level finance courses, I’d recommend reading these articles alongside your coursework.
Era of Easy Money
Return on Invested Capital
ROIC and Intangibles
ROIC and Investment Process
Market-Expected ROIC
Cost of Capital
Valuation Multiples
Everything is a DCF
Total Shareholder Return
Company Life Cycle

OakTree Capital Management

Howard Marks is terrific. His content is great for those looking to take a fundamental analysis POV on asset allocation. Some of my favorite pieces he has put out lately are below.
Sea Change
Further Thoughts on Sea Change
Ruminating on Asset Allocation
The Impact of Debt

JP Morgan

Michael Cembalest is the Chairman of Market and Investment Strategy over at J.P. Morgan. He puts out a series of papers called ‘Eye on the Market’. I typically read two versions. The first is the Energy Outlook. The second is the broader market outlook.
2025 Eye on the Market: Market Outlook
2024 Eye on the Market: Energy

Venture Capital and the Finance of Innovation
by Andrew Metrick and Ayako Yasuda
The Strategy and Tactics of Pricing
by Thomas T. Nagle and Georg Müller
Valuation: Measuring and Managing the Value of Companies
by Tim Koller, Marc Goedhart, and David Wessels
Investment Banking
by Joshua Rosenbaum and Joshua Pearl
Distressed Debt Analysis
by Stephen G. Moyer
The Credit Investor’s Handbook
by Michael Gatto
Private Equity 4.0
by Clive Lipchin
Investments
by Zvi Bodie, Alex Kane, and Alan J. Marcus
The Innovator’s DNA
by Jeff Dyer, Hal Gregersen, and Clayton M. Christensen
The Innovator’s Dilemma
by Clayton M. Christensen
The Lean Product Playbook
by Dan Olsen
Blue Ocean Strategy
by W. Chan Kim and Renée Mauborgne