Investing Readings

The following books and articles are interesting reading for all investors.

Against the Odds: The Remarkable Story of Risk by Peter Berstein
The books describes how thinkers developed the concept of risk management, which is a cornerstone of modern decision making that drives our economic system forward.

Augustine's Laws, a great read by Norman R. Augustine, takes no prisoners as he presents 52 laws that expose and correct sloppy management practices. Augustine, a former executive in the aerospace industry, hates rules and regulations, committees, meetings and many experts. The following example of his sage observations pertains to stocks: “If stock market experts were so expert, they would be buying stock, not selling advice.”

The Battle For The Soul of Capitalism by John Bogle
Bogle describes the shenanigans of corporate America (stock option compensation and managed earnings), investment America (rent-a-stock industry) and mutual fund America (business of salesmanship).

Beating the Midas Curse by Perry L. Cochell and Rodney C. Zeeb
The book spells out how most families loose their wealth as it is passed from generation to generation.

Blood on the Street by Charles Gasparino
Gasparino how investors were duped by analysts who traded faulty research and advice for investment banking business.

John Bogle - Articles and Speeches
The retired founder of the Vanguard Group, is a champion of low-cost index funds. See his articles on mutual fund investing at the Bogle Financial Markets Research Center.

Coming Up Short - The Challenge of 401(k) Plans by Alicia H. Munnell and Annika Sunden
The book describes the history of 401(k) retirement plans and why they may not meet the needs of individuals.

DOW 36,000 by James K. Glassman and Kevin A. Hassett
Originally published in 1999 and acclaimed by many as a new way to value stocks and the stock market, this book is based on absurd reasoning and logic. The authors are well educated and one has to wonder what they were smoking when they wrote the book.

The Education of a Speculator by Victor Niederhoffer
The story and musings of an extraordinarily successful trader who eventually succumbed to the market.

Elliott Wave Books and Video
Learn about the Elliott Wave Principle and how it applies to making money.

The Essential Buffett by Robert G. Hagstrom
The book discusses Warren Buffett's focus investing approach. Buffett concentrates on a few well-managed companies and holds them for a very long period.

Fooled by Randomness by Nassam Nicholas Taleb
Author discusses the black swan, a low probability event with very bad consequences. Investors must consider the chance of the black swan in their portfolios.

The Four Pillars of Investing by William Bernstein
A retail investor turned professional advisor, Berstein offers a sound investing philosophy. More.

Hot Commodities by Jim Rogers
Jim Rogers makes his case that commodities belong in every portfolio. More.

The Intelligent Investor by Benjamin Graham
The classic book about value investing. This book is a must read.

Investment Titans by Jonathan Burton
Investment insights and wisdom from Harry Markowitz, Paul Samuelson, Jeremy Siegel, John Bogle, Josef Lakonishok, Richard Thaler, Gary Brinson, Peter Berstein and Willaim Sharpe.

The Investor's Anthology by Charles D. Ellis
A collection of articles about the history of financial markets, investment tips and advice, and insights and opinions from some of the great financial minds past and present.

Irrational Exuberance by Robert J. Shiller
Shiller used historical price and earnings data to argue the stock market was overvalued before the bubble burst in 2000. A well-researched book based on real data. A must read. More on Shiller.

Irrational Exuberance Second Edition by Robert Shiller discusses the causes of the stock market boom of the 1990s and the housing boom that followed. Shiller says both booms were the result of excessive speculation that is inherently risky and unstable.

Liar's Poker by Michael Lewis.
Author tells his own story as a bond trader. See how Wall Street dumps on its clients. A must read for any investor.

The Little Book of Commonsense Investing by John Bogle.
The founder of the Vanguard Group tells why buying and holding low-fee index funds is a preferred investing strategy for long-term investors. More.

Modern Portfolio Theory and Investment Analysis by Edwin J. Elton , Martin J. Gruber, Stephen J. Brown, William N. Goetzmann

Poor Charlie's Almanack by Charles Munger
Warren Buffett and Charles Munger have made themselves and many Berkshire Hathaway (BRK-A) shareholders rich and now Munger shares his thoughts about investing, economics, markets and life in his 496 page book. The book costs $49.95 and is sold on www.poorcharliesalmanack.com. It's worth every penny.

Portfolio Theory and Capital Markets by William Sharpe
Author is an expert on this rather technical treatment of portfolio theory.

Rainbow's End: The Crash of 1929 by Maury Klein
A comprehensive discussion of the 1929 stock market crash.

A Random Walk Down Wall Street by Burton Malkiel
A classic book that says stocks pickers can't beat the market so investors should buy low-cost index funds. The book is a long-term best seller and a good read.

Read James Surowiecki's Financial Page in the New Yorker
If you're looking for thoughtful, well-written articles about stocks, economics and financial matters, read the works of James Surowiecki.

Standard & Poor's Investor Book Series
Authoritative books about investing by Standard & Poor's, a leading stock market research firm. More comments.

Stocks for the Long Run by Jeremy J. Siegel
A classic book that shows stocks have outperformed most other investments in the long run. Siegel is a long-term bull. More comments.

Technical Analysis of the Futures Markets by John Murphy
John Murphy is a premier technical analyst. His books are classics.

Tom Saler - Financial Columns
He is a freelance financial journalist from Madison, Wisconsin. See the archives of his investment column that appears regularly in the Milwaukee Journal Sentinel.

The Visual Investor: How to Spot Market Trends by John Murphy
An easy-to-read introduction to price patterns. Any book by John Murphy, one of most respected technical analyst, is worth reading.

Unconventional Success: A Fundamental Approach to Personal Investment by David Swensen
Swensen has successfully managed investments for Yale University since 1985. In his book he offers retail investors his investment wisdom.

Wall Street Meat by Andy Kessler
A sometimes humorous but chilling tale of how Wall Street analysts make buy, sell and hold recommendations. More comments.