Best investing books - What are your recommendations?

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db55
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Best investing books - What are your recommendations?

Post by db55 »

Hi,

I've read several great investing books (and some pretty average ones as well) and I'm interested in your recommendations for the very best books to read on investing. Here are the very best books I've read so far (in no particular order):

The Intellegent Investor - Graham/Zweig
Common Sense on Mutual Funds - Bogle
The Four Pillars Of Investing - Bernstein
Stocks for the Long Run - Siegel
The Intelligent Asset Allocator - Bernstein
Devil Take the Hindmost - Chancellor
The Bogleheads' Guide To Investing - Larimore, et al
Your Money and Your Brain - J. Zweig

What great investing books am I missing? I appreciate your help.

Thanks,
DB
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JasonF
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Post by JasonF »

Reminiscences of a Stock Operator

Not a very Boglehead story, but it is one of the most enlightening books on investing/trading I've ever read. It's the true boom/bust/boom/bust story of Jesse Livermore written back in the 1920's, yet still relevant today.
Stonebr
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Post by Stonebr »

Why not read some history?

The Great Crash - JK Galbraith
Once in Golconda - John Brooks
The Go-go Years - John Brooks
The Money Game - Adam Smith
Reminiscences of a Stock Operator - E. Lefevre
Only Yesterday - FL Allen
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bob90245
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Post by bob90245 »

Hard to improve upon your collection. You have nearly all the bases covered.

So I have to ask you a question. Based on your reading, what asset allocation (percentages only) have you decided on (and also your age would be helpful to see if you are an early accumulator, late accumulator, early retiree, late retiree).
Ignore the market noise. Keep to your rebalancing schedule whether that is semi-annual, annual or trigger bands.
Beagler
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Post by Beagler »

IMHO all of Larry's books are worth reading.
“The only place where success come before work is in the dictionary.” Abraham Lincoln. This post does not provide advice for specific individual situations and should not be construed as doing so.
livesoft
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Post by livesoft »

I'll also put in a plug for Larry Swedroe's books. I also enjoyed Rick Ferri's books. They cover much of the asset allocation stuff you have already gotten. Swedroe has a bond book which appears to be missing from the books you have already read.

Zweig's Your Money & Your Brain is nice, but has few practical steps to take. The Belsky & Gilovich Why Smart People Make Big Money Mistakes is an older behavioral finance book, but has more practical advice.

I also want to mention Jim C. Otar's Unveiling the Retirement Myth. It is a must read.
tim1999
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Post by tim1999 »

JasonF wrote:Reminiscences of a Stock Operator

Not a very Boglehead story, but it is one of the most enlightening books on investing/trading I've ever read. It's the true boom/bust/boom/bust story of Jesse Livermore written back in the 1920's, yet still relevant today.
That's a good one. I also like "Where are the customers' yachts?" by Fred Schwed Jr. Not really investment advice, but nice old-timey stories about wall street, how things worked backed then, investor psychology, etc. Both are now being published, along with some other good ones, as part of the "Wiley Investment Classics" series.
civi68
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good books

Post by civi68 »

The Coming Generational Storm-Scott Burns
Yes, you can get a financial life-Ben Stein
Three Billion New Capitalists-Clyde Prestowitz
This Time is Different-Kenneth Rogoff
Alternative Investments-Swedroe
Bull-Maggie Mahar
The Dollar Crisis-Richard Duncan
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db55
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Post by db55 »

bob90245 wrote:Hard to improve upon your collection. You have nearly all the bases covered.

So I have to ask you a question. Based on your reading, what asset allocation (percentages only) have you decided on (and also your age would be helpful to see if you are an early accumulator, late accumulator, early retiree, late retiree).
I'm 54 yrs old. Currently not working; I'm not intentionally retired but senior-level management opportunities in the semiconductor industry are pretty sparse right now.

I was an early accumulator. My allocation is relatively aggressive because I expect stock returns to be decent over the next 10 years: 70% stock, 30% bond/cash. Most of the books would recommend my stock percentage to be 50-60% based upon my age. My stock allocation should be moving to <60% within the next 10 years.

Cheers,
DB
livesoft
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Post by livesoft »

Based on your last post: You really need to read Otar's book.
hobbes
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Post by hobbes »

I really liked A Random Walk Down Wall Street by Burton Malkiel.
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Taylor Larimore
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Collection of Investment Gems

Post by Taylor Larimore »

Hi db:

One of the best ways to select a financial book is to sample its excerpts (and learn at the same time). You then pick the book which you would like to read more. You can do it here:

Investment Gems
"Simplicity is the master key to financial success." -- Jack Bogle
feverdoc
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Post by feverdoc »

The Random Walk on wallstreet books by Burton Malkiel are also very good. He's also a proponent of Indexing.
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ruralavalon
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Post by ruralavalon »

A Random Walk Down Wall Street, B. malkiel
All About Asset Allocation, R. Ferri
The Only Guide to A Winning Bond Strategy You'll Ever Need, L. Swedroe
The Only Guide to A Winning Investment Strategy You'll Ever Need, L. Swedroe
Where Are the Customer's Yachts?, F. Schwed
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link: Bogleheads® investment philosophy
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CassiusKing
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Post by CassiusKing »

Benjamin Graham-The Memoirs of the Dean of Wall Street

And a book I thoroughly enjoyed and couldn't put down, Confessions of a Street Addict, Jim Cramer.

I love personal finance books myself. I like to re-read these to keep me on track:
Wealthy Barber
Millionaire Next Door
"Who cares how time advances? I'm drinking ale today." -Edgar Allan Poe
Lucio
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Re: Best investing books - What are your recommendations?

Post by Lucio »

db55 wrote:Hi,

I've read several great investing books (and some pretty average ones as well) and I'm interested in your recommendations for the very best books to read on investing.
You may have reached the point of diminishing returns. Simplicity cannot be over-valued. That said, here are some of my favorites that have not yet been mentioned:
  • Traders, Guns and Money - exactly how devious are those traders? Plenty.

    Triumph of the Optimists - a well designed collection of data, charts, graphs and comparisons of different markets over the whole of the twentieth century. Annual updates are published online by Credit Suisse as "The Global Investment Yearbook"

    Manias, Panics and Crashes - truly great, and capable of inspiring awe and trembling at the wildness of past -- and future -- financial panics.

    the various research papers written by Fama and French

    The Handbook of Fixed Income Mathematics by Fabozzi
Lucio
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Rusa
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Post by Rusa »

How a Second Grader Beats Wall Street by Allan Roth
Rusa
Daniell
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Re

Post by Daniell »

Thanks for the information.
GammaPoint
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Post by GammaPoint »

JasonF wrote:Reminiscences of a Stock Operator

Not a very Boglehead story, but it is one of the most enlightening books on investing/trading I've ever read. It's the true boom/bust/boom/bust story of Jesse Livermore written back in the 1920's, yet still relevant today.
Just to give a different opinion on this book, I actually thought it was really boring. Each chapter seemed identical to the one before it, and so I didn't find it too interesting. However, it's got excellent Amazon reviews, so I'm clearly in the minority...

A Random Walk Down Wall Street is very good, as others have said.

Why smart people make stupid money mistakes and how to avoid them is also really interesting. Some of the scenarios they talk about in the book can also make interesting topics of conversation.
SirHorace
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Post by SirHorace »

I basically like the concepts outlined in:
Asset Dedication: How to Grow Wealthy with the Next Generation of Asset Allocation, By S. J. Huxley, J. B. Burns (Hardcover, 1995)
The basic premise seems to be:
  • >Bond ladders for required income
    >Invest the remaining in a 100% equity index fund (S&P500)
Although all of the Amazon reviews of the book were highly favorable (save one) the one negative review did point out a problem with the equity allocation increasing with years.

I like to categorize books into two categories:
  • > Strategic
    > Tactical
Strategic books like "A Random Walk Down Wall Street" elucidate information that is useful in explaining general philosophies of investing.
Tactical books like the "Asset Dedication: How to Grow Wealthy ..." book referenced above outline a specific course of action or algorithm to achieve a goal.

SirHorace
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db55
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Post by db55 »

Thanks to all for your advice!!

DB
leonard
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Post by leonard »

Random Walk Down Wall Street: Investment Guide. Malkiel.
Leonard | | Market Timing: Do you seriously think you can predict the future? What else do the voices tell you? | | If employees weren't taking jobs with bad 401k's, bad 401k's wouldn't exist.
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topper1296
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Post by topper1296 »

hobbes wrote:I really liked A Random Walk Down Wall Street by Burton Malkiel.
+1 and I will add The Richest Man in Babylon.
rustymutt
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Bible

Post by rustymutt »

I personally think that a bible was my best investment book. Taught me to be happy with what I had, and to love the people with me and live life for what it offered me, and just be happy with the opportunities that came my way. I’ve been blessed. I enjoy read John Bogles books, because I understand him. He doesn't talk over my head as do so many writers.
I liked read Jason Zweig's book, your mind your money, and liked it.
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