If you’re looking for something to read that will improve your skills as an investor, I recommend any of the books below. all 12 are deeply informative and will leave an impact on you.
1. The Intelligent Investor by Benjamin Graham Described as “by far the best book on investing ever written” by none other than Warren Buffett. “Chapters 8 and 20 have been the foundation of my investment activities for more than 60 years,” he says. “I suggest all investors read those chapters and reread them whenever the market has been especially strong or weak.”
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2. the little book that beats the market by joel greenblatt as buffett says, investing is simple but not easy. This book focuses on the simplicity of investing. Greenblatt, who has averaged annualized returns of about 40% for more than 20 years, explains how to invest using sixth-grade math and plain language. putting it into practice is another story.
3. Fooled by Randomness by Nassim Taleb The core of Taleb’s other books, The Black Swan and Antifragile, can be found in this early work. one of the best parts, for me, was the notion of alternate histories. “Mother Nature,” he writes, “doesn’t tell you how many holes there are on the roulette table.” this book teaches you to look at the world probabilistically. after you start doing that, nothing is ever the same.
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4. howard marks highlights “this is a rarity,” buffett writes of howard marks’s book, “a useful book.” More than teaching you the keys to a successful investment, it will teach you about critical thinking.
5. Poor Charlie’s Almanac by Charlie Munger Charlie Munger is perhaps the smartest man I have ever met. This book is a curated collection of the speeches and talks from him that can’t help but make you smarter. Munger’s wit and wisdom are found on every page. This book will improve your thinking and his decisions. it will also shed light on the psychological forces that make you lame in a kick-ass contest. read and reread.
6. common stock and windfall profits by philip fisher buffett used to say that he was 85% benjamin graham and 15% phil fisher. that was a long time ago, today’s buffett looks more like fisher than graham. maybe there’s something to buying and holding big companies.
7. the dao of capital by mark spitznagel spitznagel introduces the austrian investment methodology, where one looks for positional advantage. Nassim Taleb, commenting on the book, wrote: “Finally, a real book written by a real professional risk taker. You can’t afford not to read this!”
8. buffett: the making of an american capitalist by roger lowenstein this book, perhaps more than any other, has changed the lives of many of my friends and investors because that is how many of them first discovered warren buffett and value investing .
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9. The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success An outstanding book detailing eight extraordinary CEOs and the unconventional methods they used for capital allocation. one of them, henry singleton, had a unique insight into strategic planning.
10. Misbehaving Markets: A Fractal View of Financial Turbulence by Benoit Mandelbrot A critique of modern financial theories, usually based on the underlying assumption that distributions are normal. Nassim Taleb calls it “the most realistic finance book ever published.”
11. why stocks go up (and down) by william pike this is a basic book on the fundamentals of investing in stocks and bonds: financial statements, cash flows, etc. a good place to start with the practicalities. If you are looking to learn accounting, also check out Accounting Game: Basic Accounting fresh off the lemonade stand, I mean it. This is the book I recommended to my business school classmates with no accounting background to get them up to speed quickly.
12. Bull: A History of the Boom and Bust, 1982-2004 by Maggie Mahar The first and perhaps the best book written on the market’s historic run, which began in 1982 and ended in the early 2000s. Mahar reminds readers that euphoria and blindness are a regular part of bull markets: lessons we should have learned from studying history.
Keep in mind that if investing were as easy as buying a book and reading it, we’d all be rich.
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