schin Posted August 2 Share Posted August 2 I'm assuming people would put down the classics from Ben Graham, Peter Lynch, Seth Klarman, and Joel Greenblatt. But, I'm alway open to suggestions from this forum. A long time ago, someone recommended Capital Accounts and Capital Returns by Edward Chancellor and those really opened up my eyes. Inside baseball, actually Nick Sleep wrote some of those MAM letters. I like Howard Marks' first book - The Most Important Thing. Link to comment Share on other sites More sharing options...
UK Posted August 2 Share Posted August 2 The top 3 for me perhaps all would be Buffett related (like Intelligent Investor, Lowenstein's book, Letters' book etc) but I would like to recommend other, maybe less known and non WB/BRK related books: 1. Bull. A History of the Boom by Mahar 2. Keynes and the Market by Walsh 3. The Little Book of Behavioral Investing by Montier. All quite simple and easy to read. Last is the most important:) Link to comment Share on other sites More sharing options...
73 Reds Posted August 2 Share Posted August 2 5 hours ago, UK said: The top 3 for me perhaps all would be Buffett related (like Intelligent Investor, Lowenstein's book, Letters' book etc) but I would like to recommend other, maybe less known and non WB/BRK related books: 1. Bull. A History of the Boom by Mahar 2. Keynes and the Market by Walsh 3. The Little Book of Behavioral Investing by Montier. All quite simple and easy to read. Last is the most important:) Buffett's annual letters. They are not investing books per se, but I started reading them in the early 1980s knowing little to nothing about investing and the rest is history. Link to comment Share on other sites More sharing options...
DooDiligence Posted August 2 Share Posted August 2 Pat Dorsey "The Little Book That Builds Wealth" and "The Five Rules for Successful Stock Investing" Link to comment Share on other sites More sharing options...
frommi Posted August 2 Share Posted August 2 Of course i read Snowball, Intelligent Investor etc. first but what really influenced me the most in how i invest at the moment were "Benjamin Graham's Net-Net Stock Strategy: A practical guide to successful deep value investing in today's markets" from Evan Bleeker and the blog/e-book Dividend Mantra from Jason Fieber. They both have packed Buffett, Mungers and Grahams Wisdom into simple to read messages/books. I would not subscribe to their services, but i learned a lot by reading their stuff, even when it was just motivational. Link to comment Share on other sites More sharing options...
Malmqky Posted August 2 Share Posted August 2 1 minute ago, frommi said: Of course i read Snowball, Intelligent Investor etc. first but what really influenced me the most in how i invest at the moment were "Benjamin Graham's Net-Net Stock Strategy: A practical guide to successful deep value investing in today's markets" from Evan Bleeker and the blog/e-book Dividend Mantra from Jason Fieber. They both have packed Buffett, Mungers and Grahams Wisdom into simple to read messages/books. I would not subscribe to their services, but i learned a lot by reading their stuff, even when it was just motivational. I remember stumbling across Net-Net Hunter years ago looking for a global ncav screener. Glad to see Evan is doing well, seemed like a decent dude. I'll have to grab his book. Link to comment Share on other sites More sharing options...
Viking Posted August 2 Share Posted August 2 (edited) I think establishing an investing framework that; you are good at works is the most important thing when it comes to investing. In this regard, here are my 3 favourite books; 1.) Graham - The Intelligent Investor: Mr. Market and margin of safety 2.) Lynch - One Up on Wall Street: full of good stuff 3.) Malkiel - Random Walk Down Wall Street: for those who want the big picture (I don't agree with Malkiels conclusions) Steal the stuff that works for you. And then keep reading and learning... the rest of your life Edited August 2 by Viking Link to comment Share on other sites More sharing options...
Paarslaars Posted August 2 Share Posted August 2 13 hours ago, UK said: 3. The Little Book of Behavioral Investing by Montier. Thanks for the recommendation, decided to pick it up, I can use something like this to re-read during times when everything is deep red. Link to comment Share on other sites More sharing options...
schin Posted August 3 Author Share Posted August 3 8 hours ago, frommi said: Of course i read Snowball, Intelligent Investor etc. first but what really influenced me the most in how i invest at the moment were "Benjamin Graham's Net-Net Stock Strategy: A practical guide to successful deep value investing in today's markets" from Evan Bleeker and the blog/e-book Dividend Mantra from Jason Fieber. They both have packed Buffett, Mungers and Grahams Wisdom into simple to read messages/books. I would not subscribe to their services, but i learned a lot by reading their stuff, even when it was just motivational. @frommi - I took the leap the invested $22 in Evan's book. I better change my life. LOL Link to comment Share on other sites More sharing options...
frommi Posted August 3 Share Posted August 3 2 hours ago, schin said: @frommi - I took the leap the invested $22 in Evan's book. I better change my life. LOL If you really want to invest into NCAV stocks the rules from the book are worth a lot more than 22$, so gz to the bargain. Link to comment Share on other sites More sharing options...
winjitsu Posted August 3 Share Posted August 3 On 8/2/2024 at 10:29 AM, schin said: I'm assuming people would put down the classics from Ben Graham, Peter Lynch, Seth Klarman, and Joel Greenblatt. But, I'm alway open to suggestions from this forum. A long time ago, someone recommended Capital Accounts and Capital Returns by Edward Chancellor and those really opened up my eyes. Inside baseball, actually Nick Sleep wrote some of those MAM letters. I like Howard Marks' first book - The Most Important Thing. Does Capital Accounts book exist anywhere to purchase? Read Capital Returns a few months ago and it was great. Mine: Greenblatt You Can Be a Stock Market Genius Greenwald Competitor Demystified Kahneman Thinking Fast and Thinking Slow Link to comment Share on other sites More sharing options...
Irv72 Posted August 3 Share Posted August 3 (edited) Another big Capital Returns fan. But there are so many great investment books, especially for the Buffett-Munger-type quality investing fan (great businesses at good prices). I can't choose 3, maybe like 10. I'm just reading Fabric of Success by James Emanuel. Would recommend it to any investor, because it gives many examples of what quality management is about. Another impressive book recently: What I learned about investing from Darwin, by Pulak Prasad. A huge favorite of mine: The Joys of Compounding, by Gautam Baid. I will probably re-read that book every year. The Education of a Value Investor by Guy Spier is not a bad read either. Neither is Richer Wiser Happier by William Green, who was the ghost author for Spier. Or Terry Smith's Investing for Growth, or Taleb's Incerto book series (the understatement of the century). Margin of Safety by Seth Klarman is a classic. Poor Charlie's Almanack is a must, especially since it's available for free online: https://www.stripe.press/poor-charlies-almanack/pca/cover . So are The Essays Of Warren Buffett (a must, not free), by Lawrence Cunningham. Anything by Mauboussin is usually worth reading. Or by Dalio, especially the Principles. Anything by Pat Dorsey, formerly of Morningstar, such as The Five Rules for Successful Stock Investing. Mihaljevic, Manual of Ideas. 100 baggers by Christopher Mayer. Valuation by McKinsey and Co (if one doesn't enjoy it, one shouldn't invest in individual stocks). Why Stocks Go Up and Down, Pitch The Perfect Investment, Big Money Thinks Small, The Smart Money Method, The Battle for Investment Survival are just a few other favorites in my library. Even the latest Security Analysis can be a good read, because of the included essays by great value investing luminaries. Many of these are available online for free on hoopla, for many American library card owners. There are some absolutely great podcasts with free transcripts at https://www.theinvestorspodcast.com/ (especially the TIP and RWH series, can donate $3/month for ad-free Apple Podcast version), https://www.joincolossus.com/ (needs a free user account to read the transcripts), and https://www.acquired.fm/, to mention some of the best. There are many great value investor letters, beside Nick Sleep. I'll stop here. So many smart people, so little time... I bet even Charlie still had stuff to read at 99. Edited August 3 by Irv72 Link to comment Share on other sites More sharing options...
n.r98 Posted August 4 Share Posted August 4 (edited) I've read a huge number of investing books and don't actually think they've been really helpful overall; actually been confusing somewhat but if you're not confused then are you even trying... Also, a lot of investment folks tend to be incredible writers - it's like a cult in the investing world - to pick stonks like a champ and write prose like Dickens so it's easy to get wrapped up in all sorts of weird philosophical ideas and misapply them. The materials that have strong shelf life are: 1. IMO Snowball + Making of American Capitalist (2 Buffett bios) - not really teaching you about investing but you get a feel on how someone lives and breathes compounding.. 2. Some J Greenblatt stuffs - u can be a stock mkt genius + maybe his lecture notes -> shows you how simple analysis work can be. 3. Trading books - love these actually - market wizards etc. Edited August 4 by n.r98 Link to comment Share on other sites More sharing options...
gfp Posted August 4 Share Posted August 4 All of my favorites are the biographies and autobiographies. Basically the case study method. Usually pretty entertaining. Link to comment Share on other sites More sharing options...
schin Posted August 4 Author Share Posted August 4 (edited) On 8/4/2024 at 11:12 AM, gfp said: All of my favorites are the biographies and autobiographies. Basically the case study method. Usually pretty entertaining. @gfp Do you listen to David Senra's Founder's podcast? He talks about a lot of biographies. So, what are your favorite autobiographies/biographies? Edited August 11 by schin Link to comment Share on other sites More sharing options...
Saluki Posted August 7 Share Posted August 7 Besides all the great "usual suspects" mentioned above, here are some that are off the beaten path but very good. Street Smarts by Norm Brodsky, if you are actually running a business. Corporate Catalyst by Tony Griffiths (FFH Board member and turnaround specialist). The Aggressive Conservative Investor by Marty Whitman Market Wizards series of books by Jack Schwager, which shows you there is more than one way to skin a cat. Link to comment Share on other sites More sharing options...
schin Posted August 11 Author Share Posted August 11 I know there has been a lot of debate about Pabrai and his performance. But, I did enjoy his two books - Mosaic and The Dhando Investor. I know Mosaic is a collection of his articles... What's weird is I felt he strayed from some of the stuff he mentioned in those books. He was on a Checklist Manfesto kick... and now he's all things international.... I felt if he followed his earlier thoughts and approach, he would post better numbers. Again, people evolve I guess. Link to comment Share on other sites More sharing options...
schin Posted August 11 Author Share Posted August 11 I'm actually surprised people didn't mention some of Annie Duke's books or Morgan Housel's books. Link to comment Share on other sites More sharing options...
james22 Posted August 12 Share Posted August 12 Tom Wolfe's The Bonfire of the Vanities and (especially) A Man in Full. Link to comment Share on other sites More sharing options...
schin Posted August 12 Author Share Posted August 12 14 minutes ago, james22 said: Tom Wolfe's The Bonfire of the Vanities and (especially) A Man in Full. @james22 - Is it cheating if I watch the movies? I saw "A Man in Full" movie and it was okay. It had some interesting plot twists, but as always the book is better. But, speaking of books that got translated to movies, I'm surprised no Michael Lewis fans - Liar's Poker, Big Short, Blind Side, etc. Link to comment Share on other sites More sharing options...
Saluki Posted August 12 Share Posted August 12 42 minutes ago, schin said: @james22 - Is it cheating if I watch the movies? I saw "A Man in Full" movie and it was okay. It had some interesting plot twists, but as always the book is better. But, speaking of books that got translated to movies, I'm surprised no Michael Lewis fans - Liar's Poker, Big Short, Blind Side, etc. For some of the longer fiction books, audiobooks are great. Save your eyes for accounting books. The books usually have more character development and things that don't make the cut in the movie. One of my favorite scenes from Bonfire, which isn't in the movie, is when his kid asks what he does at work. His shrew wife condescendingly says words to the effect of "do you remember when we cut the big cake at your birthday party? Well Daddy cuts other people's cakes for them, and they let him keep the crumbs." And he thinks to himself, "yes, and those crumbs are made of gold." Link to comment Share on other sites More sharing options...
james22 Posted August 12 Share Posted August 12 1 hour ago, schin said: @james22 - Is it cheating if I watch the movies? I saw "A Man in Full" movie and it was okay. It had some interesting plot twists, but as always the book is better. The Bonfire of the Vanities was pretty well translated (the shortcomings of wealth), Netflix's A Man in Full entirely missed the point (what makes a good life/what is the measure of a man). Read the book, you'll not regret it. Link to comment Share on other sites More sharing options...
CorpRaider Posted August 14 Share Posted August 14 Essays of Buffett is #1 for me. Link to comment Share on other sites More sharing options...
Munger_Disciple Posted August 14 Share Posted August 14 (edited) 15 minutes ago, CorpRaider said: Essays of Buffett is #1 for me. It is way better to read Buffett's original letters than Cunningham's book IMO. I really don't understand the fuss about this book. For me, Buffett's letters are #1. Edited August 14 by Munger_Disciple Link to comment Share on other sites More sharing options...
CorpRaider Posted August 14 Share Posted August 14 (edited) Too much space and repetition for 98% of humans to get through it. He makes it thematic so the mental latticework and retention is better, plus ain't nobody got time to read all that. I really like John D' Rockefeller's letters to his son, but that's probably a lot of recency bias. But that was a smart mfer though. Edited August 14 by CorpRaider Link to comment Share on other sites More sharing options...
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