Sunday, March 7, 2010

Good Investment Books

Occasionally I'll get asked if I know of any good books to read on investing.

There are literally hundreds published each year, of course, and deciding which one is worth reading is always a challenge.

However, here's a few that I have on my shelf at home, and may be useful for others as well.

As I put together this list, I was struck by the fact that most of these books have been out for some time.

Some of this, of course, could simply be a reflection of my age, but I also think it indicates that I tend to go for books that have proven the test of time. Too many investment books, in my opinion, tend towards the "get rich quick" approach which I don't really favor.

I'm sure I'll miss a few, but here are some that I have found useful over the years.

I have listed these in no particular order, by the way.

General Investing:
  • The Only Investment Guide You'll Ever Need - Andrew Tobias
  • Common Stocks, Uncommon Profits - Philip Fisher
  • Reminiscences of a Stock Operator - Edwin LeFevre
  • One Up on Wall Street - Peter Lynch
  • The Money Game - "Adam Smith"
  • A Random Walk Down Wall Street - Burton Malkiel
  • The Intelligent Investor - Benjamin Graham
Good Historical Perspective:
  • Buffett: The Making of an American Capitalist - Roger Lowenstein
  • When Genius Failed: The Rise and Fall of Long-Term Capital Management - Roger Lowenstein
  • Irrational Exuberence - Robert Shiller
  • Paper Money - "Adam Smith"

More Specialized Books:
  • Technical Analysis of the Futures Market - John Murphy
  • Valuing a Stock - Gary Gray, Patrick Cusatis, Randall Woolridge
  • Inside the Yield Book - Sidney Homer and Martin Leibowitz
  • Options As a Strategic Investment - Lawrence McMillan
Miscellaneous:
  • Who Says Elephants Can't Dance - Louis Gerstner, Jr.
  • The Smartest Guys in the Room - Bethany McLean and Peter Elkind
  • Beat the Dealer - Edward Thorp
And, of course, just reading Warren Buffett's annual letters (www.berkshirehathaway.com) can be an education in itself!