Learn · reading
Books worth reading
The books that have made us think hardest about investing, business and behaviour. For each one, a line on why it deserves your time. If you only read one, start with the first or with Morgan Housel's.
The Intelligent Investor
Benjamin Graham · 1949The one that separates investing from speculating. Mr. Market and the margin of safety are as relevant as on day one.
MindsetSecurity Analysis
Benjamin Graham and David Dodd · 1934The deep manual for reading balance sheets closely. Dense, but any chapter teaches you to distrust pretty numbers.
AnalysisCommon Stocks and Uncommon Profits
Philip A. Fisher · 1958It teaches you to look beyond the numbers, talking to customers, suppliers and competitors, to find businesses that grow for decades.
BusinessOne Up on Wall Street
Peter Lynch · 1989Proof that you can invest with common sense and good humour, starting from what you see in everyday life.
BusinessBeating the Street
Peter Lynch · 1993Real cases told from the inside, hits and misses included. Very useful for seeing how a company is thought through end to end.
BusinessThe Essays of Warren Buffett
Warren Buffett (ed. Lawrence A. Cunningham) · 1997The ideas from the annual letters, sorted by topic. The easiest way to understand how a business owner thinks.
BusinessPoor Charlie's Almanack
Charles T. Munger (ed. Peter D. Kaufman) · 2005Mental models from many fields to help you think better. It isn't only about money, which is why it teaches so much about investing.
MindsetThe Most Important Thing
Howard Marks · 2011On risk, cycles and why the price you pay changes everything. One to reread whenever the market gets carried away.
RiskThe Outsiders
William N. Thorndike Jr. · 2012Eight chief executives who multiplied their companies' value by allocating capital well. It changes how you read a management team.
BusinessThe Little Book of Common Sense Investing
John C. Bogle · 2007The clearest case for index funds and against high costs. Short and hard to argue with.
IndexingA Random Walk Down Wall Street
Burton G. Malkiel · 1973An entertaining tour of bubbles, fads and market theories. Ideal for understanding why beating the index is so hard.
IndexingThe Psychology of Money
Morgan Housel · 2020Short stories about how we behave with money. You read it in a weekend and it stays with you for years.
BehaviourThinking, Fast and Slow
Daniel Kahneman · 2011The shortcuts and biases of our minds, explained by the person who studied them. You'll recognise yourself in plenty of investing mistakes.
BehaviourThe Little Book That Beats the Market
Joel Greenblatt · 2005Uses a schoolyard example to explain why buying good businesses at fair prices works, and why sticking with it is so hard.
AnalysisMargin of Safety
Seth A. Klarman · 1991A calm defence of prudence, of not losing money before making it, and of patience when nothing is cheap.
Risk100 Baggers
Christopher W. Mayer · 2015What the shares that rose a hundredfold had in common. A practical lesson in compounding and patience.
BusinessThe Little Book of Valuation
Aswath Damodaran · 2011Valuing a company without getting lost in formulas. A good way into discounted cash flow and multiples.
Analysis
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