Best investing books that every serious investor should read
Just as civilization can progress only when it invents the method of invention, you can progress only when you learn the method of learning.” Charlie Munger
By my own admission, I’ve started out as an overconfident and ignorant wannabe investor (I’m still ignorant although I know it now). Freshly minted with a college degree in Finance and Accounting, I used to think about investing as a game of numbers, analytical mathematics and buying stocks hitting their 52-week lows.
I paid dearly for my ignorance when 2008 crisis came. The lesson was painful, swift and necessary. Humans tend to learn more from our failures than our successes due to their vividness and an acute desire to avoid the same mistakes. I learnt 3 important lessons. 1. I learnt that I didn’t really know what I was doing. 2. I learnt that knowing facts isn’t the same as understanding. 3. And I learnt that being ignorant is a default state and it is up to me to pursue learning in order to counter my ignorance.
And so started my journey of lifelong learning and intellectual discovery. First by the trickle and a flood. The more I discovered, the more I learnt how little I truly know. I felt a strange and satisfying mix of humility and acceptance of my own inadequacies. I discovered the joy of learning, I became free of pretenses, ready to admit when “I simply don’t know, let’s find out”, more open to ask others for help, and more curious about the world around me. And I’ve become wealthier – emotionally, intellectually and financially, “because those who keep learning, will keep rising in life.”
Reading is the most important method for learning. Somebody much wiser and vastly more experienced spent their lifetime studying and practicing their subject. They’ve attained mastery of their field, developed new insights, spent months if not years diligently capturing their wisdom and are prepared to offer you everything they’ve ever learnt for the price of a book. I challenge anybody to find a better deal! Investing in ourselves is the best deal by far that is available to us at all times.
I’d like to share a few inspiration quotes from one of my heros – Charlier Munger, on the value of lifelong learning:
- “In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time – none, zero.”
- “You’d be amazed at how much Warren [Buffett] reads – at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.”
- “As long as I have a book in my hand, I don’t feel like I’m wasting time.”
- “I’ve gotten paid a lot over the years for reading through the newspapers.”
- “I don’t think you can get to be a really good investor over a broad range without doing a massive amount of reading. I don’t think any one book will do it for you.”
- “We read a lot. I don’t know anyone who’s wise who doesn’t read a lot. But that’s not enough: You have to have a temperament to grab ideas and do sensible things. Most people don’t grab the right ideas or don’t know what to do with them.”
“By regularly reading business newspaper and magazines I am exposed to an enormous amount of material at the micro level. I find that what I see going on there pretty much informs me about what’s happening at the macro level.”
- “Warren and I do more reading and thinking and less doing than most people in business. We do that because we like that kind of a life. But we’ve turned that quirk into a positive outcome for ourselves. We both insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think.”
- “If you get into the mental habit of relating what you’re reading to the basic structure of the underlying ideas being demonstrated, you gradually accumulate some wisdom.”
- “Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day.”
- “I met the towering intellectuals in books, not in the classroom, which is natural. I can’t remember when I first read Ben Franklin. I had Thomas Jefferson over my bed at seven or eight. My family was into all that stuff, getting ahead through discipline, knowledge, and self-control.”
- “Obviously the more hard lessons you can learn vicariously, instead of from your own terrible experiences, the better off you will be. I don’t know anyone who did it with great rapidity. Warren Buffett has become one hell of a lot better investor since the day I met him, and so have I. If we had been frozen at any given stage, with the knowledge we had, the record would have been much worse than it is. So the game is to keep learning.”
Allow me to share with you the books that had the most influence on my thinking.
(For full disclosure, book links to Amazon is linked to my Amazon Affiliate account and should you decide to purchase a book by clicking the link, Amazon will share commission with me, at no additional cost to you.)
Value investing is an investment strategy where stocks are selected that trade for less than their intrinsic values. Value investing is based on 3 powerful ideas: stocks are fractional ownership entitlements forreal businesses; investors must demand margin of safety; market is there to take advantage of, not to be advised by.
Value investing school of thought has the by far the most successful and longest investing track record. Every aspiring investor must understand the basics of value investing approach.
1. The Intelligent Investor
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When asked what the best money advice he ever got was, it’s no surprise that Buffett turned to his holy bible, The Intelligent Investor, written in 1949 by value god Benjamin Graham.
“Chapters 8 and 20 have been the bedrock of my investing activities for more than 60 years,” he says. “I suggest that all investors read those chapters and reread them every time the market has been especially strong or weak.”
2. Security Analysis
Benjamin Graham and David Dodd wrore Security Analysis after Intelligent Investor. Security Analysis is more detailed and, perhaps, oriented at a more professional audience – though individual investors would certainly benefit from reading it. Security Analysis is used as a textbook on value investing in some university-level business & finance courses.
3. Common Stocks Uncommon Profits
“I sought out Phil Fisher after reading his Common Stocks and Uncommon Profits…When I met him, I was impressed by the man as by his ideas. A thorough understanding of the business, obtained by using Phil’s techniques…enables one to make intelligent investment commitments.”
4. Berkshire Hathaway Letters to Shareholders
There are few things more valuable for serious investors to read each year than Warren Buffett’s annual letter to the shareholders of Berkshire Hathaway. Warren’s letters are true gems of wisdom on range of topics and business affairs.
5. The Essays of Warren Buffett
Excerpts of Warren’s writings arranged by topic. This book takes Warren’s brilliant letters to a still-higher level.
6. The Little Book That Beats the Market
Value investing handbook by successful money manager. Book introduces Joel’s magic formula and complements it with an access to a website with latest ideas. Powerful way to think about investing and practical apply it.
7. The Warren Buffett Way
The Warren Buffett Way outlines his career and presents examples of how his investment techniques and methods evolved and the important individuals in that process. It also details the key investment decisions that produced his unmatched record of performance. – Peter S. Lynch
8. Value Investing: From Graham to Buffett and Beyond
“Value Investing [is] essential reading for anyone looking for a fresh perspective on analyzing companies and selecting investments.” —Pat Dorsey, Morningstar.com
9. Margin of Safety
Seth is one of the most experienced money managers with enviable track record. ‘Margin of Safety’ shows you not just how to invest but how to think deeply about investing – to understand the rationale behind the rules to appreciate why they work when they work, and why they don’t when they don’t. Book is out of print – PDF copy can be downloaded here
10. The Education of a Value Investor
The Education of a Value Investor offers a remarkably cost-effective education for any type of investor. And, oh, the lessons–of the forms of self-transformation, self-transcendence, and self-understanding that lead to investing success–stand to profit any reader, non-investors included.” ―Robert B. Cialdini, Bestselling Author of Influence
11. The Dhandho Investor
How to invest the way an Indian migrant with little money would do – by looking for companies with little downside…
12. The Most Important Thing
When I see memos from Howard Marks in my mail, they’re the first thing I open and read. I always learn something, and that goes double for his book. – Warren Buffett
13. Stocks for the Long Run
Essential reading for every investor who wants to fully understand the forces that move today’s markets, Stocks for the Long Run provides the most complete summary available of historical trends that will help you develop a sound and profitable long-term portfolio.
14. The Investment Checklist
Investors often buy or sell stocks too quickly without completing the due diligence in full. The Investment Checklist has been designed to help investors slow down and improve quality of decision making by developing an in-depth research process, from generating and researching investment ideas to assessing the quality of a business and its management team.
15. The Five Rules for Successful Stock Investing
The Five Rules for Successful Stock Investing provides the kind of savvy financial guidance only a company like Morningstar could offer. Based on the philosophy that “investing should be fun, but not a game,” this comprehensive guide will put even the most cautious investors back on the right track by helping them pick the right stocks, find great companies, and understand the driving forces behind different industries–without paying too much for their investments.
Charlie Munger says that you can’t be a great stock picker if you don’t have an elementary, worldly wisdom. By remembering isolated facts and figures without hanging them on “a latticework of theory, you don’t have them in a usable form.” By having only one model, or one way of viewing problems, you conform to the old saying “to the man with only a hammer, every problem looks like a nail.” The models also need to come from different disciplines such as math, science, literature, and physics. You don’t need to know many models; a small number of them will do most of the heavy lifting.
Acquiring knowledge in many different disciplines has practical applications in the investing world. There are many excellent investors who started off in fields far removed from finance. Many credit their success to the fact that they had these mental models while most of Wall Street was viewing events as a man with hammer seeing every problem as a nail.
1. Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger
Encyclopaedia of lessons on how to be successful! Charlie is a wonderful person who has a brilliant mind, and started acquiring practical wisdom from a very young age. His clear practical perspective, ability to synthesize many disparate elements into a coherent theory, and his broad, multidisciplinary, far-reaching approach to life come through very clearly. Must Read. Book is hard to come by therefore we provide PDF link to the copy here
“Enough” takes only a few hours to read, but the lessons will stick with you. It is chock-full of no-nonsense business nuggets, many of which I have passed on to my business students. I highly recommend this book. If you are an entrepreneur running your own small business or if you work in a large corporation, this book should be on your reading list.”
3. Influence: The Psychology of Persuasion
Arguably the best book ever on human compliance techniques and advice on how to guard against compliance practitioners. Charlie Munger advises everyone to read about psychology of persuasion and human biases in order to recognize and make the necessary allowances for our biases.
4. Thinking, Fast and Slow
In Thinking, Fast and Slow, Kahneman takes us on a groundbreaking tour of the mind and explains the two systems that drive the way we think and make choices. One system is fast, intuitive, and emotional; the other is slower, more deliberative, and more logical. Must read in order to build mental discipline and structured approach to thinking.
5. The Checklist Manifesto
Today we find ourselves in possession of stupendous know-how, which we willingly place in the hands of the most highly skilled people. But avoidable failures are common, and the reason is simple: the volume and complexity of our knowledge has exceeded our ability to consistently deliver it – correctly, safely or efficiently. This subject is highly relevant to investing, best investors in the world use investment checklist to maintain objectivity and learn from mistakes made in the past.
6. Fooled by Randomness
Fooled by Randomness is a standalone book in Nassim Nicholas Taleb’s landmark Incerto series, an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision-making in a world we don’t understand.
7. Selfish Gene
As influential today as when it was first published, The Selfish Gene has become a classic exposition of evolutionary thought. Professor Dawkins articulates a gene’s eye view of evolution – a view giving centre stage to these persistent units of information, and in which organisms can be seen as vehicles for their replication.
8. How to Win Friends & Influence People
For more than sixty years the rock-solid, time-tested advice in this book has carried thousands of now famous people up the ladder of success in their business and personal lives. Three fundamental techniques in handling people: The six ways to make people like you; The twelve ways to win people to you way of thinking; The nine ways to change people without arousing resentment
9. The Black Swan
A black swan is an event, positive or negative, that is deemed improbable yet causes massive consequences. In this groundbreaking and prophetic book, Taleb shows in a playful way that Black Swan events explain almost everything about our world, and yet we—especially the experts—are blind to them.
Antifragile is a standalone book in Nassim Nicholas Taleb’s landmark Incerto series, an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision-making in a world we don’t understand.
At many of the best companies throughout history, the constant creation of good leaders is what has enabled the organizations to stand the true test of greatness. Below is the collection of life-long learnings and advice from the most accomplished business leaders.
1. The Outsiders
An outstanding book about CEOs who excelled at capital allocation. — Warren Buffett
As the legendary retired CEO of General Electric, Welch has won many friends and admirers in high places. In this latest book, he strives to show why.
3. Made in America
Meet a genuine American folk hero cut from the homespun cloth of America’s heartland: Sam Walton, who parlayed a single dime store in a hardscrabble cotton town into Wal-Mart, the largest retailer in the world. The undisputed merchant king of the late twentieth century, Sam never lost the common touch. Here, finally, inimitable words. Genuinely modest, but always sure if his ambitions and achievements. Sam shares his thinking in a candid, straight-from-the-shoulder style.
4. Zero to One
What valuable company is nobody building? The next Bill Gates will not build an operating system. The next Larry Page or Sergey Brin won’t make a search engine. If you are copying these guys, you aren’t learning from them. It’s easier to copy a model than to make something new: doing what we already know how to do takes the world from 1 to 10, adding more of something familiar.
“Every new creation goes from zero to one. This book is about how to get there. Peter Thiel, a contrarian by nature, has built multiple breakthrough companies, and Zero to One shows how.” – Elon Musk
5. The Hard Thing About Hard Things
Ben Horowitz, cofounder of Andreessen Horowitz and one of Silicon Valley’s most respected and experienced entrepreneurs, offers essential advice on building and running a startup – practical wisdom for managing the toughest problems business school doesn’t cover, based on his popular ben’s blog.
6. Only the Paranoid Survive
Under Andy Grove’s leadership, Intel has become the world’s largest chip maker and one of the most admired companies in the world. In Only the Paranoid Survive, Grove reveals his strategy of focusing on a new way of measuring the nightmare moment every leader dreads–when massive change occurs and a company must, virtually overnight, adapt or fall by the wayside.
7. In the Plex
An instructive primer on how the minds behind the world’s most influential internet company function.
8. Who Says Elephants Can't Dance?
Who Says Elephants Can’t Dance? sums up Lou Gerstner’s historic business achievement, bringing Ibm back from the brink of insolvency to lead the computer business once again.Offering a unique case study drawn from decades of experience at some of America’s top companies – McKinsey, American Express, Rjr Nabisco – Gerstner’s insights into management and leadership are applicable to any business, at any level.
12. Business Adventures
More than two decades after Warren [Buffett] lent it to me—and more than four decades after it was first published—Business Adventures remains the best business book I’ve ever read . . . Brooks’s deeper insights about business are just as relevant today as they were back then.” —Bill Gates
Stay sane, be honest…The Market—or Mr. Market—is an erratic, moody individual. He appears on a daily basis with an offer that swings from euphoric lofty heights to depressing lows. Regardless of his offer it is imperative to understand the intrinsic value of the assets at hand and not to come under the spell of our manic neighbor. As a business partner, Mr. Market should be used as a subordinate, not a leader.
Mr. Market is there to serve you, not to guide you. An investor will succeed by coupling good business judgment with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl about the marketplace.In the short run, the market is a voting machine but in the long run it is a weighing machine.”
1. A Random Walk Down Wall Street
In today’s daunting investment landscape, the need for Burton G. Malkiel’s reassuring, authoritative, and perennially best-selling guide to investing is stronger than ever. A Random Walk Down Wall Street has long been established as the first book to purchase when starting a portfolio.
2. Where Are the Customers' Yachts?
Humorous and entertaining, this book exposes the folly and hypocrisy of Wall Street. The title refers to a story about a visitor to New York who admired the yachts of the bankers and brokers. Naively, he asked where all the customers’ yachts were? Of course, none of the customers could afford yachts, even though they dutifully followed the advice of their bankers and brokers.
3. Common Sense on Mutual Funds
John C. Bogle shares his extensive insights on investing in mutual funds. Since the first edition of Common Sense on Mutual Funds was published in 1999, much has changed, and no one is more aware of this than mutual fund pioneer John Bogle. Along the way, Bogle shows you how simplicity and common sense invariably trump costly complexity, and how a low cost, broadly diversified portfolio is virtually assured of outperforming the vast majority of Wall Street professionals over the long-term.
4. Irrational Exuberance
With high stock and bond prices and the rising cost of housing, the post-subprime boom may well turn out to be another illustration of Shiller’s influential argument that psychologically driven volatility is an inherent characteristic of all asset markets.
Robert J. Shiller . . . has done more than any other economist of his generation to document the less rational aspects of financial markets.”–Paul Krugman, New York Times
5. Manias, Panics, and Crashes: A History of Financial Crises
Manias, Panics, and Crashes is an engaging and entertaining account of the way that mismanagement of money and credit has led to financial explosions over the centuries. Covering such topics as the history and anatomy of crises, speculative manias, and the lender of last resort, this book puts the turbulence of the financial world in perspective.
6. When Genius Failed
In this business classic—now with a new Afterword in which the author draws parallels to the recent financial crisis—Roger Lowenstein captures the gripping roller-coaster ride of Long-Term Capital Management. Drawing on confidential internal memos and interviews with dozens of key players, Lowenstein explains not just how the fund made and lost its money but also how the personalities of Long-Term’s partners, the arrogance of their mathematical certainties, and the culture of Wall Street itself contributed to both their rise and their fall.
7. The Big Short
The real story of the crash began in bizarre feeder markets where the sun doesn’t shine and the SEC doesn’t dare, or bother, to tread: the bond and real estate derivative markets where geeks invent impenetrable securities to profit from the misery of lower–and middle–class Americans who can’t pay their debts. The smart people who understood what was or might be happening were paralyzed by hope and fear; in any case, they weren’t talking.
8. The Money Game
According to the author, the key to making wise, lucrative investments is knowing ourselves. In witty, easily accessible language, he shares pithy insights about the role of intuition and the psychology of guilt, arguing that there is no substitute for information. Smith’s Irregular Rules shatter common myths and misconceptions, revealing why nothing works all the time and illustrating how greed and fear fuel the market.
9. Liar's Poker
From mere trainee to lowly geek, to triumphal Big Swinging Dick: that was Michael Lewis’ pell-mell progress through the dealing rooms of Salomon Brothers in New York and London during the heady mid-1980s when they were probably the world’s most powerful and profitable merchant bank.
10. The Bogleheads' Guide to Investing
The Boglehead’s Guide to Investing is a DIY handbook that espouses the sage investment wisdom of John C. Bogle. This witty and wonderful book offers contrarian advice that provides the first step on the road to investment success, illustrating how relying on typical “common sense” promoted by Wall Street is destined to leave you poorer.
11. A Man for All Markets
A child of the Great Depression, legendary mathematician Edward O. Thorp invented card counting, proving the seemingly impossible: that you could beat the dealer at the blackjack table. Thereafter, Thorp shifted his sights to “the biggest casino in the world”: Wall Street. Devising and then deploying mathematical formulas to beat the market, Thorp ushered in the era of quantitative finance we live in today.
12. The Alchemy of Finance
George Soros is one of the most successful and profitable investors in the world today. Dubbed by Business Week as “The Man Who Moves Markets”, Soros is not merely a man of finance, but a thinker to reckon with as well. In The Alchemy of Finance, this extraordinary man reveals the investment strategies that have made him “a superstar among money managers. Soros discusses powerful idea of market reflexivity, or as Charlie Munger calls it lollapalooza effect. Book worth reading for this idea alone.
13. Winning the Loser's Game
Winning the Loser’s Game explains how you can avoid common traps and succeed in today’s volatile markets. Ellis presents the cold, hard facts about important changes in the market over the past 50 years
“This is by far the best book on investment policy and management.” ―Peter Drucker
14. Bull: A History of the Boom and Bust
In 1982, the Dow hovered below 1000. Then, the market rose and rapidly gained speed until it peaked above 11,000. Noted journalist and financial reporter Maggie Mahar has written the first book on the remarkable bull market that began in 1982 and ended just in the early 2000s. For almost two decades, a colorful cast of characters such as Abby Joseph Cohen, Mary Meeker, Henry Blodget, and Alan Greenspan came to dominate the market news.
15. The Misbehavior of Markets
As the founder of fractal geometry and the discoverer of the Mandelbrot set Mandelbrot is acknowledged as the father of chaos theory.The reader gets a picture of the history of finance theory.
16. The Dao of Capital
“Investors of all kinds will find immeasurable value in this convincing and thoroughly researched book where Mark champions the roundabout. Using thought-provoking examples from both the natural world and the historical world, The Dao of Capital shows how a seemingly difficult immediate loss becomes an advantageous intermediate step for greater future gain, and thus why we must become ‘patient now and strategically impatient later.
When it comes to learning about investment, there’s no better way than reading books about experiences of great investors.
1. The Snowball
The Snowball is the first and will be the only biography of the world’s greatest investor and admirable human being, Warren Buffett, written with his full cooperation and collaboration. Combining a unique blend of “The Sage of Omaha’s” business savvy, life story and philosophy, The Snowball is essential reading for anyone wishing to discover and replicate the secrets of his business and life success.
2. Buffett: The Making of an American Capitalist
Starting from scratch, simply by picking stocks and companies for investment, Warren Buffett amassed one of the epochal fortunes of the twentieth century.
3. One Up On Wall Street
America’s most successful money manager tells how average investors can beat the pros by using what they know. According to Lynch, investment opportunities are everywhere. From the supermarket to the workplace, we encounter products and services all day long. By paying attention to the best ones, we can find companies in which to invest before the professional analysts discover them.
4. Tap Dancing to Work
Loomis used her unique insight into Buffett’s thinking to chronicle his work for Fortune, writing and proposing scores of stories that tracked his many accomplishments—and also his occasional mistakes.
5. Warren Buffett's Ground Rules
Using the letters Warren Buffett wrote to his partners between 1956 and 1970, a veteran financial advisor presents the renowned guru’s “ground rules” for investing – guidelines that remain startlingly relevant today.
In the 14 years between his time in New York with value-investing guru Benjamin Graham and his start as chairman of Berkshire Hathaway, Warren Buffett managed Buffett Partnership Limited, his first professional investing partnership. Over the course of that time – a period in which he experienced an unprecedented record of success – Buffett wrote semiannual letters to his small but growing group of partners, sharing his thoughts, approaches, and reflections.
6. University of Berkshire Hathaway
Each year, for thirty years, two veteran investment advisors attended Berkshire Hathaway’s Annual Shareholders Meeting. After each meeting, they chronicled Warren Buffett and Charlie Munger’s best lessons from that year. This book compiles those thirty years of wisdom.
7. The Little Book of Common Sense Investing
“There are a few investment managers, of course, who are very good – though in the short run, it’s difficult to determine whether a great record is due to luck or talent. Most advisors, however, are far better at generating high fees than they are at generating high returns. In truth, their core competence is salesmanship. Rather than listen to their siren songs, investors – large and small – should instead read Jack Bogle’s The Little Book of Common Sense Investing.” – Warren Buffett
8. Charlie Munger: The Complete Investor
Charlie Munger, Berkshire Hathaway’s visionary vice chairman and Warren Buffett’s indispensable financial partner, has outperformed market indexes again and again, and he believes any investor can do the same. His notion of “elementary, worldly wisdom”—a set of interdisciplinary mental models involving economics, business, psychology, ethics, and management—allows him to keep his emotions out of his investments and avoid the common pitfalls of bad judgment. Munger’s system has steered his investments for forty years and has guided generations of successful investors.
9. Why Moats Matter: The Morningstar Approach to Stock Investing
Why Moats Matter is a comprehensive guide to finding great companies with economic moats, or competitive advantages. This book explains the investment approach used by Morningstar. Economic moats—or sustainable competitive advantages—protect companies from competitors. Legendary investor Warren Buffett devised the economic moat concept. Morningstar has made it the foundation of a successful stock-investing philosophy.
10. The Little Book of Value Investing
There are many ways to make money in today’s market, but the one strategy that has truly proven itself over the years is value investing. Now, with The Little Book of Value Investing, Christopher Browne shows you how to use this wealth-building strategy to successfully buy bargain stocks around the world.
11. The Only Three Questions That Still Count
Most investors know the only way to consistently beat the markets is by knowing things others don’t.
12. The Warren Buffett Portfolio
Building a concentrated portfolio is critical for investment success. The Warren Buffett Portfolio introduces the next wave of investment strategy, called focus investing.
13. Damn Right!
Charlie Munger, whose reputation is deep and wide, based on an extraordinary record of brilliantly successful business strategies, sees things that others don’t. There is a method to his mastery and, through this book, we get a chance to learn about this rare individual.
14. Beating the Street
Legendary money manager Peter Lynch explains his own strategies for investing and offers advice for how to pick stocks and mutual funds to assemble a successful investment portfolio.
15. John Neff on Investing
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John Neff is a life-long contrarian, proving time-and-again over the past three decades that bucking the system can pay off big. During his illustrious career as a money manager, Neff flew in the face of conventional wisdom by consistently passing over the big growth stocks of the moment, in favor of inexpensive, under performing ones-and he usually won.
16. Fooling Some of the People All of the Time
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A revealing look at Wall Street, the financial media, and financial regulators by David Einhorn, the President of Greenlight Capital
17. Contrarian Investment Strategies
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David Dreman is known on Wall Street as a contrarian, a label that fails to appreciate his deep knowledge of the market and research into investor psychology.
18. You Can Be a Stock Market Genius
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Fund manager Joel Greenblatt has been beating the Dow (with returns of 50 percent a year) for more than a decade. A comprehensive and practical guide to the stock market from a successful fund manager—filled with case studies, important background information, and all the tools you’ll need to become a stock market genius.
19. Value Investing
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“James Montier combines a profound understanding of behavioral finance with a fierce adherence to the tried and tested principles of value-investing. He is always readable, thought-provoking and, above all, correct.” —Edward Chancellor
20. The Manual of Ideas
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Written by the team behind an “idea funnel” for the world’s top money managers, this book introduces a proven framework for finding, researching, analyzing, and implementing the value investing opportunities.
Financial literacy is the ability to understand how money works: how someone manages to earn, save it and invest it. Long term financial success depends to a large extent on our ability to manage our financial affairs responsibly. The best person to manage money for you is you.