You have money you want to invest. Now the question is where to start? Most of us don’t learn to invest in school. we have to teach ourselves.
Fortunately, there are many books that will help us in our investment education. and they approach the subject of investing from several different angles. there are books on theory, books on practice, and books on mindset. all of them will benefit investors.
You are reading: Best investing books of all time
In truth, there may be too many books. it’s easy to get overwhelmed by the options!
That’s why we put our favorites in an easy-to-review list. Below you’ll find the 25 best investing books of all time, ranked in order from first to last. however, even the last book is worth a read, in our opinion.
These securities are excellent for investors of all levels. That said, they’re especially helpful if you’re just starting out. they will teach you all the tips and tricks of the investors who excelled. they will also point out pitfalls to avoid. By the time you finish reading some of them, you’ll be more than ready to invest your first dollar.
1.john bogle’s little common sense investing book
In this practical guide, John Bogle explains how to make index investing work for you. And he should know. Bogle created the world’s first index mutual fund and is the founder of the Vanguard Group.
However, this guide is not full of technical jargon or hard-to-understand concepts. Bogle writes in layman’s terms that even a novice investor can understand. In general, he recommends a diverse portfolio and low spending ratios. that seems logical to us. you might even call it common sense!
Learning Bogle’s philosophy is a great way to get started for novice investors. Bogle does not write to those who want to take big risks in the hope of striking it rich. nor does it present a technique that requires tons of practice or study.
instead, bogle writes for the majority. Most of us want to ensure financial stability as we age. but we don’t want to spend hours reading financial reports. bogle’s guide makes it possible.
2.the intelligent investor benjamin graham
Warren Buffet said this book was “by far the best book on investing ever written!” That could be because Graham helped teach Buffet how to invest. Graham was so influential that Buffet named his son after him.
In this book, Graham describes the emotional foundation that every good investor needs. he also lists the analytical tools a strong investor will have. but, it is not an overly simplistic text. Some terms can be confusing to those new to the financial world.
That said, there’s nothing in the book that you can’t check out on investopedia. in fact, that might be the best way to learn to invest. It will take you some time to read the book, but you will end up with a complete education.
If you already have a basic understanding of the stock market, this book will be much easier to read. you are learning from one of the greatest investors of all time! So, we say that The Intelligent Investor is essential reading.
3. a random walk down wall street by burton malkiel
Experts often recommend A Random Walk Down Wall Street to recent college grads. It’s an ideal read for those who are about to start their first 401K. That’s because Burton Malkiel is an expert and his advice is straightforward.
In this classic guide, Malkiel provides information on a wide range of investment topics. It covers stocks and bonds, real estate, and tangible assets like gold.
In the recent update to the book, the editors added chapters on current topics. so he will also learn about the bitcoin bubble, automated financial advisors, and factor investing.
The book covers a wide range of topics, but it doesn’t feel like an encyclopedia. he is good looking. it’s like taking a college class with a knowledgeable and friendly professor. Malkiel clearly knows what she’s talking about. shows his passion for the subject.
That said, A Random Walk Down Wall Street is less of a how-to guide and more of a conceptual manual. it won’t tell you exactly what to do, but it will familiarize you with the relevant ideas.
We love this book for beginners who need a basic introduction to the world of investing. we think you’ll find malkiel’s advice and perspective helpful.
4. the only investment guide you’ll ever need by andrew tobias
If you’re starting from scratch when it comes to investments, Andrew Tobias has some advice for you. Tobias is an author who spent his career writing about investment. He was also treasurer of the Democratic National Committee from 1999 to 2017.
In this guide to investing, Tobias starts at the beginning. walks readers through tips on how to spend less first so you have money to invest later.
then explains when and how to invest for the first time. Tobias focuses on the main moments of financial life. that includes paying college tuition and paying for retirement. It also covers the ins and outs of life insurance, making this guide realistic and applicable.
Tobias first wrote the book in 1978, so it has stood the test of time. he revised and updated the book in 2005. it now includes chapters on internet investing and current tax laws.
For those new to finance who may not even have funds available to invest yet, this book is a must read. We highly recommend it for those who feel like they know next to nothing about investing.
5. security analysis by benjamin graham and david l. dodd
Over a million readers have consumed this quintessential investment guide in the last sixty years. And we can see why! This lengthy and in-depth financial tome provides readers timeless advice.
ben graham and david dodd watched companies and investors navigate the depression. They continued to watch through years of recovery and then through World War II. what they witnessed became invaluable information for future investors.
Sometimes called the “Dean of Wall Street,” Graham is generous with his investment ideas throughout the book. he and dodd are genuine in their goal. they want the average person to make significant financial gains. and that is manifested in the almost 1200 pages of text.
is long, but complete. finance professors often include security analysis on their required reading lists. and you will see this text sitting on the shelf of any good financial advisor. So if you want a real investment education, this is a text worth reading.
6. i will teach you to be rich by ramit sethi
Forbes named Ramit Sethi a “wealth wizard” in 2013. We completely agree with the designation. In this book, Sethi promises what seems to be impossible: spend guilt-free on the things you love while growing rich!
Sounds too good to be true, but sethi breaks down his plan into a 6-week practical guide. he teaches readers how to get rid of college debt, open bank accounts for free, and talk about avoiding late fees.
also teaches them how to create a set-it-and-forget-it investment plan. the goal is to make money without having to think about it all the time. Beyond that, Sethi provides readers with real-life financial strategies for major life events. think about weddings and retirement!
This book may not be for advanced investors. but it is an excellent guide for those who want to get out of debt and start investing. we love it for recent college grads or those trying to get out of credit card debt, specifically.
7. Charlie Munger’s Poor Charlie’s Almanac
With a net worth of almost $2 billion, it’s safe to say Charlie Munger knows a thing or two about managing money. Munger is the infamous business partner of Warren Buffet. In this book, he shares his life wisdom.
there’s a reason munger calls this book an “almanac”. With so many lessons and stories, it is more of an encyclopedia than a standard work of non-fiction.
That’s why we think every investor should have this book, even if you never read it in its entirety. it is referenceable and you can read one lesson at a time. In addition, it looks great on coffee tables, given its inordinate size.
It’s not just about investing, either: Much of Munger’s writing focuses on how he lives his real, everyday life. Munger often talks about his morality and includes good life advice.
our favorite words of wisdom? “Spend each day trying to be a little wiser than you were when you woke up.” that’s something simple but solid!
fans of charles munger know that he is media shy and tends to avoid the spotlight. Maybe that’s why this book stands out. is an honest and witty collection of tales and sayings that paints a portrait of a brilliant mind, one we don’t see speak very often.
There are no direct “how to get rich” plans within poor charlie’s almanac. But the wisdom of the life of Charles Munger deserves the attention of any would-be investor.
8. hitting the street by peter lynch
If you’re interested in building your own investment portfolio, this guide can help. Peter Lynch is the former manager of the Magellan Fund at Fidelity Investments. The fund set record growth rates while Lynch managed it from 1977 to 1990. In this book, Lynch explains his winning philosophy so we all can benefit from it.
lynch points out that behind every action there is a real company. that seems obvious, but we tend not to think of it that way. In this guide, Lynch explains how to become a business expert.
If you become an expert on a company, Lynch argues, you’ll understand why its stock behaves the way it does. Armed with that knowledge, you can create your own investment portfolio.
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in beating the street, lynch explains to readers how he chooses stocks and gives them advice on how to build their portfolios. his style is realistic and easy to follow. So even if you’re new to finance, you’ll find this book invaluable.
9. fooled by randomness: the hidden role of chance in life and markets by nassim nicholas taleb
Nassim Nicholas Taleb is an expert trader and risk scientist, making him uniquely qualified to discuss the role of chance in the market. But to say this book is all about investing would be short-selling it. It’s not the most effortless read, but it’s the kind of book that could change how you see the world entirely.
In this clear and comprehensive work, Taleb challenges everything we thought we knew about talent and fortune. Using examples as varied as Yogi Berra, Odysseus, and George Soros, Taleb shows that we are all subject to logical fallacies and superstitions.
his tone can sometimes come off as condescending, and not everyone agrees with taleb’s philosophical bent. That said, some of the lessons in this book are invaluable for navigating a tumultuous market.
taleb talks extensively about hindsight bias, which is crucial for all investors to understand. he also discusses the dangers of attributing success to skill and failure to bad luck. essentially, randomness creates skewed results much more often than we think.
By understanding common logical fallacies and examining the role of luck, you’ll learn how to be a better investor overall.
10. common stocks and uncommon gains by philip fisher
Fisher penned this classic book on investing in 1958. At that time, the world was a very different place, but the ideas he presents are timeless.
This is not a fast-paced book filled with step-by-step formulas or magic recipes. Instead, Fisher focuses on value investing. Value investing refers to selecting stocks that trade below their intrinsic value. It’s the strategy Warren Buffet uses and it tends to be successful in the long run.
Value investing takes time and requires you to thoroughly evaluate a company before buying its stock. fisher explains how to do it. it’s not just a matter of looking at a company’s finances. Instead, Fisher explains how to assess a company’s value based on various intrinsic and extrinsic factors.
can be a bit dense to read and uses outdated company examples, but much of what fisher says is timeless. If you’re interested in learning investing strategies on a deeper level, this book is for you.
11. failsafe investing by harry browne
Financial lessons you can apply in thirty minutes or less. That’s what Harry Browne promises to give readers in his investment guide.
harry browne was an author, investment adviser, and politician. he may have heard his name before. he was the Libertarian candidate for president twice (1996 and 2000). and he sold more than 2 million copies of the 12 books he wrote. most of them were in investment.
In this short treatise on investing, Browne explains how to build wealth from your career. he also covers how to build a fail-safe portfolio and how to take advantage of tax-reduction plans.
Brown wrote the book during the dot-com craze of the late 1990s, when speculation cost investors a lot. presents a well-balanced strategy. even twenty years later, his plan continues to prove resilient to the fluctuating market.
brown pushes readers to make conservative financial decisions that will benefit them over time. warns against any kind of “get rich quick” thinking and focuses on minimizing risk. With its permanent portfolio model, it encourages an investment strategy that allows you to set it and forget it.
You can secure a stable financial future without a lot of time and in-depth knowledge. is an excellent read for those who want quick yet applicable finance lessons from an established investment guru.
12. principles by ray dalio
In his instant bestseller, Ray Dalio breaks down his principles, not just for investing, but for life. Dalio spends the first half of his book explaining his beginnings, which are both humble and inspirational. Then, he distills his life experiences into a series of basic principles you can apply in your own life.
The brilliant entrepreneur and investment master gives hundreds of lessons in this book. and they all center around two main ideas: radical truth and radical transparency.
With those two pillars in place, Dalio explains how to make vital decisions in life and finances. the book is great for organizational strategies, but the advice works on a personal level too.
And if 600 pages is too much for you to commit to, you’re in luck. Dalio recently condensed his long-form principles into bite-sized pieces that even a child can enjoy. you can find them in his new illustrated book, principles for success, released in 2020.
13. thinking, fast and slow by daniel kahneman
Kahneman is a psychologist, not a financial advisor. But the concept he introduces in his best-selling book shows how your thought processes may be affecting your financial success.
since he won the nobel prize in economics for the idea, you can be sure kahneman knows what he’s talking about. he says we think of two systems. the first is fast and intuitive. the second is slow but logical.
kahneman goes on to show that many of our decisions are based on bias and intuition and are rooted in the first system. That means we tend to base financial decisions and personal choices on our subconscious feelings, not facts.
Learning to identify your subconscious biases can help you make better investment decisions.
It’s not the easiest text to read and is more of a discussion of how to think than a real practical guide to how to invest. but for those who want to think like better investors, it’s worth taking the time to understand.
14. the black swan by nassim nicholas taleb
According to Nassim Nicholas Taleb, a black swan event has three qualifying characteristics. It happens at random. It has a massive impact. And, once it’s over, we create a story to explain it.
that story tends to make the event seem, well, explainable. when, in fact, it is truly random and unpredictable. Examples of black swan events include everything from the devastating 9/11 attacks to the rise of Google. And in the investment world, they happen more often than we like to think.
You can’t plan a black swan event, but reading black swan will give you a new way of thinking about these extraordinary events. according to taleb, we should pay less attention to what we know and more attention to what we don’t know.
Fortunately, Taleb is a clever and resourceful guide through possibilities we never thought to consider. reading this book will not only make you a better investor. It will probably change the way you see the world.
15. your money or your life by joel dominguez & vicky robin
Your Money or Your Life features a 9-step program to change your relationship with money. Rather than focusing on strict budgets that few can stick to, Dominguez and Robin teach readers to be more mindful of their spending. They also share tips and tricks on getting out of debt and go over the basics of investing.
Celebrities and pundits have long praised the book for changing people’s perspectives on money. but it is definitely for beginners.
does a thorough job of teaching personal finance best practices. and the book includes many real-world examples. however, the book lacks information on the ins and outs of the stock market.
If you need help managing your personal finances, this guide is perfect. and if you have any debt, you will find the advice invaluable. We recommend it to those looking to become financially independent for the first time.
16. the book on investing in rental properties by brandon turner
Real-estate investing is an excellent way to increase your wealth. If that interests you at all, then Brandon Turner’s definitive guide on the subject is compulsory reading.
In it, Turner describes several intriguing ways to make money using rental properties. he explains how to create a workable plan, find the best real estate deals, and finance rentals.
The book on investing in rental properties is longer at about 400 pages. but valuable information fills every page.
will also force you to ask all the right questions. Turner encourages the reader to think about how and why they want to invest in real estate before moving forward.
turner is a real estate investor, so this is not a book that revolves around theory. Instead, Turner provides practical advice for the beginning real estate investor. and it doesn’t involve painting walls or replacing sinks.
This is not a book about real estate investment plans. is a book about creating real cash flow from rental properties. And Turner does an excellent job of walking readers through that process step by step.
17. the psychology of money by morgan housel
In a series of 19 short stories, Morgan Housel reveals that decisions regarding money aren’t always as logical as we like to think. Our egos, personal history, pride, and a whole bunch of random factors play a large part in our financial decisions.
In this classic text, Housel reminds us that we are not computers and often do not make decisions based on numbers or hard facts. That said, learning how people really think and make decisions about money helps us become better investors.
The book is short and easy to read. housel is an excellent narrator, which makes the book more engaging. If he wants to understand why he makes the financial decisions he does, this book is valuable. and it will help you see how everyone else in the market makes decisions too.
18. the simple path to riches : your roadmap to financial independence and a rich and free life by jl collins
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JL Collins brought this book to life from a series of letters he wrote to his daughter. Like many of us, his daughter complained that she knew money was important. She just didn’t want to spend all day thinking about it.
In this loving take on finance, Collins explains that the investment world is riddled with fraud. These scammers make investing more complicated than it needs to be and then profit from the results.
collins continues to provide simple, easy-to-implement strategies for building and maintaining wealth. its goal is to give readers the chance to find financial freedom. To do this, Collins outlines a plan that will allow you to retire early and live comfortably on your investments.
His no-nonsense approach to finance makes sense, even to novice investors. He warns them to avoid debt. and reminds them to invest even when the market is down. Simple, wise advice like that can make all the difference when investing!
and reading it is like reading a letter from your rich, well-intentioned uncle. Collins comes across as trustworthy and far from condescending. which makes reading this book a pleasure.
19. the bogleheads guide to investing by taylor larimore, mel lindauer, and michael leboeuf
Even if you don’t know what a mutual fund is or who John C. Bogle was, this investing guidebook will help you build your wealth. The authors make Bogle’s financial ideas easy to digest. And they’ll quickly have you feeling confident about your financial capabilities.
Some books talk extensively about compound interest values, but don’t provide many practical ways to implement such a plan. That’s where Bogleheads’ guide to investing changes the game.
This book breaks down an easy-to-follow approach to taking advantage of compound interest. The strategy can take a long time to build wealth, but it is almost foolproof. For novice investors, the simple strategy outlined in this book will help them get started on the right foot.
20. the essays of warren buffett by warren e. buffett and lawrence a. cunningham
Advice from the investing legend himself, Warren Buffet, is hard to put a value on. This collection of essays gives readers candid advice from one of the world’s most prominent business tycoons.
buffet’s strategy may not be for everyone, but his trading and investment insights are invaluable, even for beginners. The essays are actually letters selected from the buffet to the shareholders of Berkshire Hathaway. They include advice on ethics, acquisitions, valuations and taxes.
Perhaps more valuable, however, is the overall image of the buffet paintings. By reading his letters to shareholders over several decades, he will gain a solid understanding of Buffett’s investment principles.
Those principles work just as well in today’s market as they did in the 1980s. And learning them straight from the buffet is an absolute delight for lovers of the world of finance.
21. The Millionaire Next Door by Thomas J Stanley, Ph.D and William D. danko, doctorate
Your neighbor may drive a used car, commute to work, and wear jeans bought at the local mega-mart, but that doesn’t mean she’s not a millionaire. Doctors Stanley and Danko spent years studying and interviewing America’s real millionaires. You might find their discoveries surprising.
In The Millionaire Next Door, Stanley and Danko explain how to act like a real-life millionaire, not the one you see on TV. According to them, becoming a millionaire in the United States is feasible for anyone who is willing to live within their means. that is, as long as they invest their money wisely.
That means real millionaires don’t usually drive fancy cars. nor do they use high-end designer brands. instead, they are living on a budget and putting financial security above social status.
stanley and danko cover all kinds of practical ways using the data they collected. They examine the problems of giving money to your children and discuss the four types of car buyers. they also cover the types of careers most likely to provide financial security.
Full of anecdotes and backed by data, The Millionaire Next Door is an enjoyable read. It will leave you thinking of wealth from a new frame of mind. It’s not about glitz and glamour, but rather about building financial security over time.
22. The Four Pillars of Investing: Lessons for Building a Winning Portfolio by William J. bernstein
If you want to build a portfolio without hiring a financial advisor, you need to read The Four Pillars of Investing first. Bernstein’s practical approach to creating a portfolio served investors well over the past decade. And that’s despite a turbulent market. So there’s no reason to question his approach.
His ideas are simple in theory: create wealth and control risk. And Bernstein will explain precisely how he does it in a simple way that even finance novices can understand.
In the book, he discusses the dangers of picking stocks by hand rather than investing in the entire market. he also talks about why his way of thinking is crucial to making sound investment decisions. he explains why his approach often outperforms professionally managed portfolios. and provides strategies for managing all of your assets, including your 401k, like one big account.
bernstein uses many real life examples to illustrate his points, which makes this book easy to understand. So, if he’s looking for strategies to build and manage his own wealth-building portfolio, look no further than the Four Pillars of Investing.
23. where are the customer yachts? or, a good look at fred schwed’s wall street
Fred Schwed begins his entertaining examination of Wall Street with a story. In it, a visitor to New York sees the many yachts of bankers and brokers. He asks where the customers’ yachts are.
is a naive but valid question. of course, clients cannot afford yachts. schwed explains why clients continue to struggle with money while their advisors accumulate wealth.
The result is a fun, irreverent and straightforward take on the inner workings of wall street. You could probably read this book in one sitting without much effort, and you’ll be laughing out loud the whole time.
Although the publishers first printed the book more than fifty years ago, in 1955, the lessons it contains are true. As Schwed points out, no one can predict the future, but that is precisely what brokers aim to do.
Not all bankers and brokers are evil, of course. but the characters described by schwed are still too present in the market. it is essential to understand how they work in order to be aware of them.
We can’t think of a better way to learn about the shady side of Wall Street than to look through Schwed’s eyes.
24. You Can Be A Stock Market Genius: Uncover The Secret Stashes Of Stock Market Profits by Joel Greenblatt
If you want a step-by-step approach to improving your stock market game, Joel Greenblatt’s guide to becoming a stock market genius might be an ideal read. Greenblatt is a fund manager who consistently shows high returns. In this guide, he explains how he does it.
greenblatt’s approach is exciting because it focuses on areas where the individual investor can excel. he points to specific things like bankruptcies and restructurings, where he believes big gains are possible. And you don’t have to be a Wall Street expert to take advantage of them.
That said, this is less of a beginner’s book than some of the other guides on this list. greenblatt targets those who are already playing the stock market and are now looking for an extra edge.
We suggest reading The Intelligent Investor by Benjamin Graham and Common Stocks and Windfall Earnings by Philip Fisher before choosing this book. You might also consider reading Warren Buffet’s essays.
However, with a solid foundation, greenblatt’s strategies are almost certain to be profitable. his advice is practical and easy to implement. and his style makes the book easy to read. At just over 300 pages, you can finish this book in a couple of sittings.
25. antifragile: things that benefit from clutter by nassim nicholas taleb
Taleb makes a third appearance on our list for Antifragile: Things That Gain from Disorder. In his other books, Taleb makes it clear that we need to expect the unexpected. In this book, Taleb explains how to survive and thrive in our unpredictable world.
As counterintuitive as it sounds, some things work better in chaos and uncertainty. evolution, for example, is about life adapting to stressors and getting stronger for it.
Many business endeavors also work better in uncertain environments. By remaining flexible to problems, startups become more prominent and profitable over time.
taleb traces the concept of antifragility through politics, history, and, yes, investing. the idea becomes a model of how to be successful in a world that is not predictable in any way. his style is not for everyone, and the book is not necessarily easy to read. but it gives a lot to think about and could change the way you look at investing.
Final Thoughts
If you read all the books on this list, we’ll consider you an investment expert. but even if you only choose a few, it will probably increase your profits. you might even change your views on other aspects of life!
that’s what it takes to invest; Much of it is mindset. And that means that changing the way you invest sometimes comes from changing the way you see the world. reading one of nassim nicholas taleb’s books could certainly have that effect, for example.
Of course, learning the habits of established billionaires isn’t a bad way to improve either. Reading the sage advice of Charles Munger, Warren Buffett, and Ray Dalio is sure to inspire you as an investor. and copying them is not the worst idea if you want to be more profitable.
some of us, however, need short, practical steps. Simple guides like your money or your life will help you achieve financial independence. And, detailed manuals like the Bogleheads Investing Guide are sure to help when it comes time to invest.
There are many books that look at investing from all sorts of different angles. how you decide to broach the subject is really up to you.
but we are sure that if you choose a book from this list of the 25 best investing books of all time, it will only benefit you. each has valuable advice to offer an investor.
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