Friday, February 1, 2013

A List of Good Investing Books

Must-Haves for Serious Investors

Benjamin Graham. The Intelligent Investor.
The value investor's bible. Make sure you get an edition with Jason Zweig's commentaries.
Peter Lynch. One Up on Wall Street.
The retail investor's bible. Lynch's thirteen attributes of a perfect stock (i.e. "It does something dull", "There's something depressing about it") is pure gold.
Philip Fisher, Common Stocks and Uncommon Profits.
          Fisher was one of the first "growth" investors who focused on finding great companies and holding                 them for the long run. (See: Philip Fisher's 15 Points to Look for in a Common Stock)

John Bogle. The Little Book of Common Sense Investing.
Having started my career at Vanguard, I was fortunate to have had Bogle's principles of low-cost investing, simplicity, and keeping a long-term perspective drilled into my head early on. Consider this book a crash course on the right way to approach the market!
Pat Dorsey. The Five Rules for Successful Investing.
How to identify a company's economic moat. If you can't clearly identify the sources of a company's moat after reading this book, it doesn't have one.
Howard Marks. The Most Important Thing.
Marks has one of the best minds in the market today. Put it this way -- Buffett is a fan. You'll be one, too.
William Thorndike, The Outsiders
Only a few CEOs are elite capital allocators. If you can identify them early on, it can result in significant gains. This book can help you separate great, good, and bad capital allocation practices.
Other good reads

Robert F. Bruner. Deals From Hell: M&A Lessons that Rise Above the Ashes.

Aswath Damodaran. The Little Book of Valuation

Aswath Damodaran. Investment Fables: Exposing the Myths of "Can't Miss" Strategies.

Josh Peters. The Ultimate Dividend Playbook.

Jim Slater. The Zulu Principle

Don Schreiber, Jr. and Gary Stroik. All About Dividend Investing.

John Del Vecchio and Tom Jacobs. What's Behind the Numbers?

Michael Mauboussin. The Success Equation: Untangling Skill and Luck in Business, Sports and Investing.

Michael Mauboussin. More Than You Know: Finding Financial Wisdom in Unconventional Places.

Stephen T. McClellan. Full of Bull.

Joel Greenblatt. The Little Book That Beats the Market.

Burton Malkeil. A Random Walk Down Wall Street.

James J. Valentine, CFA. Best Practices for Equity Research Analysts. (Great book if you want to become a professional analyst, either on the buy-side or sell-side.)

Peter Bernstein. Against the Gods: The Remarkable Story of Risk.

Heather Brilliant and Elizabeth Collins. Why Moats Matter. (A little bias here -- I wrote Chapter 4 on equity stewardship)