Best Investment Books of All Time | ||||
DC Maley | ||||
Rank | Title | Year 1st Published | Author | Comments |
A | The 4 Pillars of Investing | 2002 | Bernstein | A medical doctor who switched to investments and spent years studying investments. Every investor should be aware of and understand the 4 pillars he talks about. |
A | Money Dynamics for the 1990's | 1978 | VanCaspel | First published in 1978, then updated in 1988. A female financial planner who explains investment concepts very well. Explains insurance very well also. Skip limited partnerships since not good investments. |
A | A Random Walk Down Wall Street | 1973 | Malkiel | Excellent book which studies stock and fund performance. Advocate of Efficient Market theory. |
A | The Millionaire Next Door | 1996 | Stanley | 2 professors study millionaires for 20 years and publish why they became millionaires. Includes simple formula for target net worth as function of age and income, staying married, buy F150 trucks. |
A | Bogle on Mutual Funds | 1994 | Bogle | Excellent review of mutual funds by founder of Vanguard mutual funds. Bogle is only advocate for investors in investment business. |
A | Common Sense on Mutual Funds | 1999 | Bogle | Compliments his other book very well. |
A | Economics in One Lesson | 1946 | Hazlitt | Forget all that boring baloney you studied in college economics class. This classic book explains basic economics better than any other book. |
A | The Money Game | 1967 | Smith | Although written about go-go market of 1960's, it has become classic. Well written and includes investor psychology and market history. |
A | The Wealthy Barber | 1998 | Chilton | Excellent lifetime investment advice written in story telling fashion. |
A | The Richest Man in Babylon | 1955 | Clason | This short 144 page classic is several parables from ancient Babylon that apply perfectly to us in the 21st century. Advocates saving and investing 10% of what you earn in reasonable investments. |
A | The Intelligent Investor | 1950 | Graham | Classic by Benjamin Graham, Father of Security Analysis. Until his time, stocks were perceived to be as risky as Las Vegas and everyone bought bonds. He showed how to analyze companies and buy $1.00 worth of stock for 50 cents, then sell it for $1.00. You don't need to read Graham's other book Security Analysis if you read this one, which is easier to read. |
A | One Up on Wall Street | 1989 | Lynch | Peter Lynch is 1 of handful of people to beat the S&P 500 over several years. Good explanation of his technique. |
A | The Crowd - A Study of the Popular Mind | 1870 | Le Bon | Gustav Le Bon studied the characterics of crowds and mobs. Not an easy read, but only book which explains crowd behavior, similar to people investing in stock market booms and leaving market in busts. |
A | Liar's Poker | 1989 | Lewis | Extremely entertaining true story about graduate student entering one of largest firms on Wall Street. Makes one understand how stock brokers blow up their customers and excesses of late 1990's in brokerage firms. |
A | Where are the Customer's Yachts? | 1940 | Schwed | The stock brokers end up owning the yachts from transferring the wealth from their clients to themselves. Classic. |
A | Extraordinary Popular Delusions & the Madness of Crowds | 1841 | Mackay | The first 100 pages of this investment classic review the greatest financial bubbles of all time including Tulip Mania and the Mississippi Trust. How to protect yourself against market bubbles. |
A | The Money Masters | 1980 | Train | Train has several books in which he studies and identifies the traits of the world's greatest investors. |
A | The Pig and the Python | 1998 | Cork | Explains how the Baby Boomers will affect interest rates and investments . Easy and entertaining to read. |
A | The Myth of the Robber Barons | 1987 | Folsom | Excellent historical review which debunks the Robber Baron mentality taught in most school classes. |
A | Buffett-The Making of an American Capitalist | 1995 | Lowenstein | Probably the greatest investor of all time based upon longevity of good investments. |
A | Index Mutual Funds: How to Simplify Your Life and Beat the Pros | 1999 | Maley | Explains the basics and advantages of index fund investing. |
A | The Armchair Millionaire | 2001 | Schiff | Great primer on steps to implement to become a millionaire. |
A | Against the Gods:The Remarkable Story of Risk | 1996 | Bernstein | Great book on history of risk and investing. |
A | The Smartest Guys in the Room | 2003 | McClean | Excellent review of how Enron rose and fell. |
B | My Life as a Quant | 2004 | Derman | Insight into how derivative products are manufactured for large investors. |
C | Wealth Strategies | 2000 | Duncan | A mix of financial, physical, and spiritual advice. |
B | Great Expectations:America & the Baby Boom Generation | 1980 | Jones | History of the Baby Boomers |
B | Money Happiness:A Guide to Living the Good Life | 2005 | Rowley | Focuses on relationship between money and happiness. |
A | Dividends Don't Lie | 1989 | Weiss | Great advice for irrational times like the late 90's Internet boom and bust. |
B | Millionaire Women Next Door | 2004 | Stanley | Same basic findings as Millionaire Next Door |
B | The Retirement Savings Time Bomb | 2003 | Slott | Detailed analysis of 401K's, IRA's, etc. |
B | Asset Allocation | 1996 | Gibson | Theory and practice of asset allocation. |
A | Wealth of Experience:Real Investors on What Works and What Doesn't | 2003 | Clarke | Uses experiences of actual Vanguard investors. Gives actual asset allocation of investors by age and wealth level. |
B | How to Make Money in the Stock Market | 2005 | Eade | Short and simple explanation of basics of investing and index funds. |
A | Stocks for the Long Run | 2002 | Siegel | Excellent review of why stocks are best long term investment. |
B | The Future for Investors | 2005 | Siegel | Basically a rehash of Stocks for the Long Run |
A | The Coffeehouse Investor | 1998 | Schultheis | Great small book on investing. Stresses using Vanguard index funds with asset allocation. |