Christmas holidays are coming up which may mean a gift for yourself or extra time to read something you borrow from the library or a friend, so I thought I’d put together a list of decent investment books I’ve read over the years. I started reading books on investing as a kid. Mainly my Dad’s books (all 2 of them), which were from the 80’s A lot of good things were made in the 80’s. The first was on equities purporting dividend yield equals capital growth. The other was on real estate investing – I clambered through the first chapter and gave up…where was I going to get several thousand dollars to invest aged 16! So a love affair with equities commenced and soon after I read Security Analysis and The Intelligent Investor at University.
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The books below are a wide selection of excellent to average and in no particular order (although that’s a personal opinion). To see my top recommendations, click here.
The Millionaire Next Door – Stanley & Danko
The Barefoot Investor – Scott Pape (Australian oriented)
Security Analysis – Ben Graham & David Dodd
The Intelligent Investor – Ben Graham
Reminiscences of a Stock Operator – Edwin Lefèvre. One of the very best books on equity investment I’ve come across.
The Defensive Value Investor – John Kingham, excellent.
A Random Walk Down Wall Street – Burton Malkiel. Very good for those starting out.
Irrational Exuberance – Robert Shiller, a good balance to Malkiel, they should really be read as a pair.
The Bogleheads Guide to Investing – Larimore, Lindauer & LeBoeuf. Some useful viewpoints, a decent supplement to Malkiel’s starter.
One up on Wall Street – Peter Lynch. A classic that’s actually not too bad.
Margin of Safety – Seth Klarman. Hard to find but worth it, some chapters certainly better than others.
Investment Fables – Aswath Damodaran. One of the first books investors should read. Covers many common approaches from an empirical and practical standpoint.
The Essays of Warren Buffett – Cunningham. Useful although not easy to apply.
Buffett – The Making of an American Capitalist – Roger Lowenstein. Inspiring.
Beating the Street – Peter Lynch. More Lynch, who is easy to read.
Buffett Step by Step – Richard Simmons. Typical ‘how to’ book on investing like Buffett. If it really worked, the book would be titled “Richard Simmons step by step” and we would both be millionaires. Still, it’s decent if you’re just up for a different viewpoint.
The Warren Buffett Way – Robert Hagstrom
The Warren Buffett Portfolio – Robert Hagstrom. Both of Hagstroms books are interesting, yet I’m not sure they will help you make significant equity returns.
Damn Right! – Janet Lowe. Charlie Munger’s view on a variety of topics. I found it hard to get through.
Common Stocks and Uncommon Profits and Other Writings – Philip Fisher. I don’t find myself ‘scuttlebutting’ about any more than I did prior to digesting Fishers classic – an interesting read nonetheless.
Value Investing: From Graham to Buffett and Beyond – Bruce Greenwald. Good overview of various “Value Investors”
If you have a favourite equities investment book, please include it in the comments below!