In what order should I read these books?

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Estate_Esq
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In what order should I read these books?

Post by Estate_Esq » Mon Aug 29, 2016 4:22 pm

Having tried and failed miserably at active trading :oops:, I'm sort of new to the Bogleheads way. I've bought the books listed below and now am trying to figure out which I should read first, second, etc. What do you think? Oh, any great video recommendations would also be most welcome. I've already gone through the Wiki pages here, by the way.

I'm looking to invest $300K, and possibly an additional $100-200K, and really want to do it right this time. Perhaps I already know enough from the Wiki reading, but I can't resist reading further. Thanks.

The Millionaire Next Door, by Stanley & Danko

The Little Book of Common Sense Investing, by Bogle

The Elements of Investing, by Malkiel & Ellis

The Bogleheads' Guide to Investing, by you know who

A Random Walk Down Wall Street (2015 edition), by Malkiel

The Templeton Plan, by Templeton & Ellison

The Only Investment Guide You'll Ever Need (2016 edition), by Tobias

Where Are the Customers' Yachts?, by Schwed

The Investors's Manifesto, by Bernstein

jebmke
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Re: In what order should I read these books?

Post by jebmke » Mon Aug 29, 2016 4:24 pm

I'd start with Random Walk
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Mark Snark
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Re: In what order should I read these books?

Post by Mark Snark » Mon Aug 29, 2016 4:31 pm

I've read five of those. I'd recommend starting with A Random Walk Down Wall Street.

livesoft
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Re: In what order should I read these books?

Post by livesoft » Mon Aug 29, 2016 4:35 pm

I've read some of them. I would not read all of them.

Here is an order that I would suggest, but I have no particular reasoning other than the first thing you read will probably be forgotten by the time you get to the last thing you will read before you invest. And some of the books will not help you with investing.

A Random Walk Down Wall Street (2015 edition), by Malkiel
The Little Book of Common Sense Investing, by Bogle
The Only Investment Guide You'll Ever Need (2016 edition), by Tobias
The Bogleheads' Guide to Investing, by you know who
The Investors's Manifesto, by Bernstein

More as curiosities:

The Millionaire Next Door, by Stanley & Danko
Where Are the Customers' Yachts?, by Schwed

Don't bother:
The Elements of Investing, by Malkiel & Ellis
The Templeton Plan, by Templeton & Ellison
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Re: In what order should I read these books?

Post by pkcrafter » Mon Aug 29, 2016 5:24 pm

My first book was random walk. :thumbsup

Second book was by Larry Swedroe. It made a lasting impression. :thumbsup

https://www.amazon.com/Guide-Winning-In ... bc?ie=UTF8

And don't forget a book on behavior

https://www.amazon.com/Smart-People-Mon ... +Gilovitch

You might want to review Taylor's gems on some of the books he's read. Taylor has extracted meaningful quotes from these books so you get a nice overview.

https://www.bogleheads.org/wiki/Taylor_ ... tment_Gems

Paul
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Re: In what order should I read these books?

Post by HomoLudens » Mon Aug 29, 2016 5:39 pm

1.The Little Book of Common Sense Investing, by Bogle

2.The Elements of Investing, by Malkiel & Ellis

3.The Bogleheads' Guide to Investing, by you know who


I would go in this particular order. However, If I were you I would start with Bernstein's "The Four Pillars of Investing" ( not included in your list). Another highly recommended book, not included in your list, is Swedroe et al, "The Only Guide You Will Ever Need for the Right Financial Plan" : it's comprehensive, concise, and clear. Bernstein's is all of that plus it's entertaining. I won't mention more advanced books about asset allocation and more specialized topics, but you can always check the suggestions in the books you mentioned or you can post a separate thread about it with some inclusion/exclusion criteria consistent with your preferences.
"'Thoughts without content are empty, intuitions without concepts are blind." Immanuel Kant

Ganacel
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Re: In what order should I read these books?

Post by Ganacel » Mon Aug 29, 2016 5:44 pm

My answer would depend on what your debt situation is like. If you're already out of debt and saving a lot of money (and probably you are based on you saying you already have six figures to invest), then books like The Millionaire Next Door will be interesting but not really life-changing for someone like you who's already living by those principles. In that case, I agree that starting with Random Walk makes sense. I also really liked Allen Roth's How a Second Grader Beats Wall Street for learning simple investing principles.

But if you're swimming in high debt (especially high consumer debt), I'd start with Dave Ramsey's Total Money Makeover book, Joe Dominguez's Your Money or Your Life, and The Millionaire Next Door. To paraphrase Dr. Stanley, if you're going to be a millionaire some day, you have to have good defense (frugality) in place, not just rely on a good offense (high income).

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Re: In what order should I read these books?

Post by Estate_Esq » Mon Aug 29, 2016 6:45 pm

Ganacel wrote:If you're already out of debt and saving a lot of money (and probably you are based on you saying you already have six figures to invest), then...
True, no debt.

Thanks all for the responses so far. A consensus seems to be emerging about Random Walk being the first to read.

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BL
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Re: In what order should I read these books?

Post by BL » Mon Aug 29, 2016 6:53 pm

I suggest The Bogleheads' Guide to Investing.
Also you can read this pdf tonight by Dr William Bernstein:
https://www.etf.com/docs/IfYouCan.pdf

moneywise3
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Re: In what order should I read these books?

Post by moneywise3 » Mon Aug 29, 2016 7:01 pm

I haven't read any of these books fully, just partly. But I read this forum, and never felt the need to read anything else.

Estate_Esq
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Re: In what order should I read these books?

Post by Estate_Esq » Mon Aug 29, 2016 7:02 pm

BL wrote:I suggest The Bogleheads' Guide to Investing.
Also you can read this pdf tonight by Dr William Bernstein:
https://www.etf.com/docs/IfYouCan.pdf
Looks interesting. I'm 44 rather than a Millennial, but I'm sure much of it will be useful for me too. Thx.

Estate_Esq
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Re: In what order should I read these books?

Post by Estate_Esq » Mon Aug 29, 2016 7:03 pm

moneywise3 wrote:I haven't read any of these books fully, just partly. But I read this forum, and never felt the need to read anything else.
I'm addicted to books. Better than heroin, I suppose. :wink:

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Re: In what order should I read these books?

Post by Toons » Mon Aug 29, 2016 7:36 pm

2 Will Suffice:
The Only Investment Guide You'll Ever Need
The Little Book of Common Sense Investing

You pick the "order"
:mrgreen: :mrgreen:
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Re: In what order should I read these books?

Post by arcticpineapplecorp. » Mon Aug 29, 2016 7:41 pm

I've read all those books except The Templeton Plan, Where are the customer's yachts (Schwed) and The bogleheads guide to investing (yeah, I know...I just haven't gotten around to it yet). So I can't speak to those.

I would start with Jack Bogle's Little Book of commonsense investing. Don't let the size of the book fool you. It is a densely packed book with gems of wisdom on every page. Jack has a great way of communicating ideas clearly in a way that anyone should understand. He covers the essential topics to successful investing.

I liked Malkiel and Ellis's Elements of Investing, though for me it was refresher. I would recommend it though. The topics are similar as to what Jack and others write about. And sometimes you need to hear multiple people (giants in the field) telling you the same thing. It starts to really sink in that way.

I also liked Malkiel's Random Walk down Wall Street. But as I remember it, it is several hundreds of pages long. It is entertaining but gets into the history of the market (tulip mania and other bubbles, etc.) Some of that isn't necessary for investing but it can be helpful to be a market historian and understand that when things happen in the market, it's usually happened before in one shape or another. He gets into asset allocation/slicing and dicing if I recall.

I don't remember Tobias' book. I think I read it but it didn't stand out the same way as the others. I'm sure it's very good and complete. It just didn't leave an impression like the others did.

I recommend any book by William Bernstein as well. Don't let the millenial title fool you. That pdf is for any investor regardless of age. He essentially recommends the three fund portfolio in that pamphlet, whereas in other books (Four pillars of investing, the intelligent asset allocator, etc.) he's recommended more tilting to small cap and value.

I've heard alot of people in the past recommend more complicated portfolios like tilting/slice and dicing, etc. that I now hear recommend the three fund portfolio or a target date retirement fund which is essentially a variant of the three fund portfolio.

I think many people including authors realize complexity can paralyze some and many people struggle just to get money invested. So for most people keeping it simple through a target date (one fund soution) or two funds (total world and total bond) or three fund portfolio is good enough (and better than active management) and people can get on with their lives as they put an investment plan into action that will serve them and not Wall Street.

Best of luck and let us know what you learn!
Last edited by arcticpineapplecorp. on Wed Aug 31, 2016 7:43 pm, edited 1 time in total.
"Invest we must." -- Jack Bogle | “The purpose of investing is not to simply optimise returns and make yourself rich. The purpose is not to die poor.” -- William Bernstein

Estate_Esq
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Re: In what order should I read these books?

Post by Estate_Esq » Mon Aug 29, 2016 11:16 pm

FYI: I've just discovered the following in audiobook format:

The Millionaire Next Door: The Surprising Secrets of America's Rich
http://www.audible.com/pd/Business/The- ... s=center-4

The Investors Manifesto: Preparing for Prosperity, Armageddon, and Everything in Between
Written by: William Bernstein http://www.audible.com/pd/Business/The- ... B00310SRD8

The Four Pillars of Investing: Lessons for Building a Winning Portfolio
Written by: William Bernstein http://www.audible.com/pd/Business/The- ... s=center-4

The Little Book of Common Sense Investing
Written by: John C. Bogle http://www.audible.com/pd/Business/The- ... s=center-4

Random Walk Down Wall Street: A Time-Tested Strategy for Successful Investing (Eleventh Edition)
Written by: Burton G. Malkiel http://www.audible.com/pd/Self-Developm ... s=center-4

They're on iTunes as well. I might get some of these, depending on the reader. A bad reader can ruin an otherwise good book.

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Re: In what order should I read these books?

Post by Fallible » Tue Aug 30, 2016 12:35 am

If you're looking for books that will get you on the road to long-term investing rather than short-term speculating, I would say start with Bogle's "Common Sense" book, then either the Bogleheads' "Guide to Investing" or Bernstein's "Four Pillars." The first gives you the broad investing approach, "Guide" gives you the basics, and "Pillars" nicely details the most important aspects of investing, especially the history and the psychology.

After that, read "Random Walk," "Manifesto," and the Tobias, Schwed, and Stanley books.
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Re: In what order should I read these books?

Post by JoinToday » Tue Aug 30, 2016 12:52 am

HomoLudens wrote:.... I would start with Bernstein's "The Four Pillars of Investing" ( not included in your list).
Estate_Esq wrote:.... The Four Pillars of Investing: Lessons for Building a Winning Portfolio
Written by: William Bernstein http://www.audible.com/pd/Business/The- ... s=center-4
The Four Pillars of Investing is ALWAYS on my list of book recommendations. Helps give perspective on risk by showing what happened historically to other markets. Bernstein has a good perspective on risk (although I don't fully agree with his recommendation to address risk)

Anything by Swedroe. Anything and everything.

Ferri's book "all about asset allocation" was helpful to me at the point in life where I was implementing my AA. I liked seeing examples, the light turned on for me when reading his book.
I wish I had learned about index funds 25 years ago

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Re: In what order should I read these books?

Post by carolinaman » Tue Aug 30, 2016 6:32 am

It is not necessary to read so many books to fully grasp the Boglehead investment approach. Pick one or two good ones and then after reading those decide if you want to read more. I find that many of the authors touted here have great messages and principles for investing but use 400 pages to say what could be said in 100 pages (I was a big fan of Cliff Notes in college). They have great investment minds but not all are great writers. Two authors notably absent from your list are William Bernstein and Larry Swedroe. I have read books by both and found them excellent in content and writing syle.

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Re: In what order should I read these books?

Post by Tigermoose » Tue Aug 30, 2016 7:06 am

I also liked Siegel's Stocks for the Long Run. It helps you sleep better at night knowing that, in the long run, equities are not that risky (as long as you are indexing).
Institutions matter

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Re: In what order should I read these books?

Post by JohnFiscal » Tue Aug 30, 2016 8:49 am

Estate_Esq wrote:Where Are the Customers' Yachts?, by Schwed
This is a quick and easy fun read. Use it to fill in when those other weighty tomes start to bear down too hard.

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Re: In what order should I read these books?

Post by cpw84 » Tue Aug 30, 2016 8:57 am

Estate_Esq wrote:
BL wrote:I suggest The Bogleheads' Guide to Investing.
Also you can read this pdf tonight by Dr William Bernstein:
https://www.etf.com/docs/IfYouCan.pdf
Looks interesting. I'm 44 rather than a Millennial, but I'm sure much of it will be useful for me too. Thx.
+1 to "If You Can". It's not really that age specific, I think he was just trying to reach out to the younger generation to get the message out that starting earlier is important. I read it at 31. He also suggests several books, some of which are listed here, and gives some context for each book. This pdf is what started me down my current path toward passive investment and got me on these boards.

Bogle's Little Book explained all the nuts and bolts of passive investment in a way that made great sense. Bernstein laid out a novel approach that got my interest, but Bogle thoroughly convinced me with his book.

The Millionaire Next Door was a bit dry for me, I skimmed it. It tackles some misconceptions about those who look wealthy, those who have high incomes, and those who actually have high net worths. As a frugal minimalist, I didn't need to hear it.

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goingup
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Re: In what order should I read these books?

Post by goingup » Tue Aug 30, 2016 9:16 am

Estate_Esq wrote:Having tried and failed miserably at active trading :oops:, I'm sort of new to the Bogleheads way.

I'm looking to invest $300K, and possibly an additional $100-200K, and really want to do it right this time.
Based on where you're coming from, I'd suggest a good steeping in the philosophy of Boglehead philosophy:
The Bogleheads® Philosophy
Develop a workable plan
Invest early and often
Never bear too much or too little risk
Never try to time the market
Use index funds when possible
Keep costs low
Diversify
Minimize taxes
Keep it simple
Stay the course

The best books to start with are "Bogleheads Guide to Investing", and Bogle's "The Little Book of Common Sense Investing". Read Dr. Bernstein's well-written books for entertainment and historical perspective.

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Re: In what order should I read these books?

Post by DaftInvestor » Tue Aug 30, 2016 9:39 am

I'd go in this order (see numbers and comments):

The Millionaire Next Door, by Stanley & Danko
Skip or 7) Personally I think you could skip this one but if you read it - I wouldn't prioritize it above the others.

The Little Book of Common Sense Investing, by Bogle
4) To further drive home Malkiel's points but in Bogle verse.

The Elements of Investing, by Malkiel & Ellis
6) If you read 1 through 5 you probably don't need to read this one but if you do - I'd read it after the others to help drive points home.

The Bogleheads' Guide to Investing, by you know who
1) I'd start with this one as it describes everything in basic language without the detail of some of the other books.

A Random Walk Down Wall Street (2015 edition), by Malkiel
3) After #1 and #2 this book will drive home the points about Efficient Markets.

The Templeton Plan, by Templeton & Ellison
N/C) Personally I haven't read this one so can't comment on where it might fit in.

The Only Investment Guide You'll Ever Need (2016 edition), by Tobias
Last) I'd read this one after all the others as a kind of summary.

Where Are the Customers' Yachts?, by Schwed
5) Less important than 1 through 4 in my opinion thus making it 5. Will drive points home.

The Investors's Manifesto, by Bernstein
2) Personally I'd read his "Four Pillars of Investing" instead of this one but if you go with this one - would read it second. My reasoning is similar to why Bogleheads' Guide is #1 - his language is easy to understand and he doesn't dive into the detail as some of the others.

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Re: In what order should I read these books?

Post by Caduceus » Tue Aug 30, 2016 10:07 am

If you're like most people who dislike reading books about investing, you will set a resolution to read five and then not even make it through one. I've read all the books on your list except Where are the Customers' Yachts, and here's what I suggest - just read two books.

First, start with Bernstein's Four Pillars of Investing. Unlike Malkiel's Random Walk, which has more jargon, is extremely repetitive, and is informed by his academic bent (leading to a great deal of posturing), Bernstein makes the same points more directly and more effectively. This book will give you the basic investment framework/theory to stick with your convictions.

Second, read the Bogleheads' Guide to Investing. It will give you a starting practical take on investments - what type of asset allocation to have, why asset and tax location matters, etc.

The rest you can pick up as the issues pop up - learn as you go. And ask on this board.

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Re: In what order should I read these books?

Post by Estate_Esq » Tue Aug 30, 2016 10:32 am

It looks like I need to add Bernstein's Four Pillars to my list and possibly get right to it. I'm reading the pdf suggested above and am most impressed so far.

I confess that I've already "read" The Millionaire Next Door via audiobook. Being prone to extravagance, I recognized that I had to get myself under control.

Keep the great posts coming.

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Re: In what order should I read these books?

Post by bertilak » Tue Aug 30, 2016 11:34 am

There are various categories of investment books. Here they are in order of importance (highest first) with important examples. I suggest jumping from category to category as you read.
  • History books with associated insights to the meaning of that history. This is to give you perspective so the rest of the books don't seem so arbitrary. These books are usually quite entertaining as well. Examples:
    • A Random Walk Down Wall Street. This is the most important of this category.

      It might be worth your time to read a few books by the other Bernstein, Peter Bernstein, in this order:
    • Against the Gods, the Remarkable Story of Risk.
    • Capital Ideas, the Improbable Origins of Wall Street.
    • The Power of Gold, the History of an Obsession.
  • Inspirational books. To keep you motivated.
    • The Richest Man in Babylon.
    • The Millionaire Next Door.
  • Instructional books with practical, actionable, advice, some theory and usually some overlap with the above. There are hundreds of them. Reading some of the above may help you separate the wheat from the chaff. Some good examples:
    • The Four Pillars of Investing, or it's little sister The Investor's Manifesto, a "simplified" version of Four Pillars.
    • Winning the Losers Game.
    • The Bogleheads' Guide to Investing.
    • Books by Rick Ferri and Larry Swedroe. Two Boglehead favorites with some contrasting views.
    • Investing Made Simple ... in 100 Pages or Less. Somehow manages to explain all the important things in a very easy-to-understand way. This may be a good gift to a younger investor or a good reminder for you.
    • The Little Book of Common Sense Investing.
    • Charlie Munger, the Complete Investor. What it takes to be a successful, active, investor. It will broaden your horizons.
Last edited by bertilak on Wed Aug 31, 2016 2:51 pm, edited 1 time in total.
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Re: In what order should I read these books?

Post by azanon » Tue Aug 30, 2016 1:32 pm

Estate_Esq wrote:Having tried and failed miserably at active trading :oops:, I'm sort of new to the Bogleheads way. I've bought the books listed below and now am trying to figure out which I should read first, second, etc. What do you think? Oh, any great video recommendations would also be most welcome. I've already gone through the Wiki pages here, by the way.

I'm looking to invest $300K, and possibly an additional $100-200K, and really want to do it right this time. Perhaps I already know enough from the Wiki reading, but I can't resist reading further. Thanks.
I would just tell you that don't necessarily assume that to do it the Boglehead way, you have to do it yourself. I've read most of those books, and even with all of that head knowledge, I was failing anyway in the behavioral finance department. So, there are some really cheap options now that essentially follow boglehead principles (e.g. most of the Robos), where you can pay very little to have it all done for you.

In short, if i was starting from scratch, I'm not sure I'd even consider going through all of that trouble just to save 15 basis points, and be at risk of my own bad behavior. Once upon a time, this saved 100 basis points or more. Those days are gone now if you select the right (super low cost) advisor.

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Re: In what order should I read these books?

Post by evarrr » Tue Aug 30, 2016 3:08 pm

Random Walk and Common Sense should be your first two. Both are highly informative and entertaining. Bernstein is good to read for tempering your perceived risk tolerance.

Skip Millionaire Next Door unless you need motivational schooling to stop spending all your income. His millionaires are quite Boglehead-like in terms of living within their means. However, his "research" is very anecdotal and I suspect it suffers from severe selection bias. He is also negligent in discussing the role luck plays in one's business and financial success.

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Re: In what order should I read these books?

Post by wilson08 » Wed Aug 31, 2016 2:46 pm

pkcrafter wrote:My first book was random walk. :thumbsup

Second book was by Larry Swedroe. It made a lasting impression. :thumbsup

https://www.amazon.com/Guide-Winning-In ... bc?ie=UTF8

And don't forget a book on behavior

https://www.amazon.com/Smart-People-Mon ... +Gilovitch

You might want to review Taylor's gems on some of the books he's read. Taylor has extracted meaningful quotes from these books so you get a nice overview.

https://www.bogleheads.org/wiki/Taylor_ ... tment_Gems

Paul

+1 on the book by Larry Swedroe

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Re: In what order should I read these books?

Post by CedarWaxWing » Wed Aug 31, 2016 3:28 pm

I would add one book I read after having seen the other recommendations:

1. https://www.etf.com/docs/IfYouCan.pdf is the first thing I would read, then Allan's book, below:

2. How a Second Grader Beats Wall Street by Allan Roth.


It is a bit more entertaining, well written, and engaging... and I have found most everyone I loaned or gave them to enjoyed the book, and felt a bit more motivated to act than reading the more theoretical books.

Those two, above, are enough to get enough info to "take some action" , and to understand why low costs funds and index funds make sense..... and can be used to make a portfolio that does not need "changes" or culling of back actors... but can be enhanced by reblancing, esp in tax protected accounts.

I would then read both of the Booglehead.org books to get the big picture on the long term and how to avoid financial predators by buying long term products that are better for the predators than to you.

3. https://www.amazon.com/Bogleheads-Guide ... 0470067365

4. https://www.amazon.com/dp/B002QX44IS/re ... nav-subnav

5. https://www.amazon.com/Little-Book-Comm ... 3DPZSMMXR5

(5. is the quick and dirty version of 6.. ) but if you like details and long books, I found 6 good to read, with better convincing evidence in it... I like evidence, but my boys read the quick and dirty version for time efficiency.

6. https://www.amazon.com/Common-Sense-Mut ... 3PTQWWV07Q as noted, is the long version... I felt it worth the extra time.

IMHO... all the other books may be worth reading.... but many of them say things the others say in different ways... and the reading list on this list are all worthwhile.

https://www.bogleheads.org/wiki/Books:_ ... nd_reviews page covers as much as you will read in the next couple of years.

One last point: If you click the books as listed on the reading list page... some small amount of the money spent goes to the boogleheads.org site I think... and supporting this site is always good.

:)

Best,

M.

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Re: In what order should I read these books?

Post by parsi1 » Wed Aug 31, 2016 3:41 pm

When you are bored and tired of reading investment books, do a search on this forum for The Three Fund Portfolio by Mr Taylor Larimore and start reading the posts. It will keep you busy for several days and it is very informative.

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Re: In what order should I read these books?

Post by qwertyjazz » Wed Aug 31, 2016 3:53 pm

Bogle read it - go back and highlight key points them re-read then anything Taylor has posted in this forum especially his thread on 3 fund portfolio
If you are not convinced then read Bernstein
If you are still not convinced then read his old website
Then just read Taylor's 3 fund thread and realize you did not have to do anything else from the beginning

Joking aside -
What you read is determined by how you learn and what changes your world perspective

What non investing books have you read recently? That will help with tone and level of detail appropriate for learning investing.
G.E. Box "All models are wrong, but some are useful."

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Re: In what order should I read these books?

Post by qwertyjazz » Wed Aug 31, 2016 3:59 pm

bertilak wrote:There are various categories of investment books. Here they are in order of importance (highest first) with important examples. I suggest jumping from category to category as you read.
  • History books with associated insights to the meaning of that history. This is to give you perspective so the rest of the books don't seem so arbitrary. These books are usually quite entertaining as well. Examples:
    • A Random Walk Down Wall Street. This is the most important of this category.

      It might be worth your time to read a few books by the other Bernstein, Peter Bernstein, in this order:
    • Against the Gods, the Remarkable Story of Risk.
    • Capital Ideas, the Improbable Origins of Wall Street.
    • The Power of Gold, the History of an Obsession.
  • Inspirational books. To keep you motivated.
    • The Richest Man in Babylon.
    • The Millionaire Next Door.
  • Instructional books with practical, actionable, advice, some theory and usually some overlap with the above. There are hundreds of them. Reading some of the above may help you separate the wheat from the chaff. Some good examples:
    • The Four Pillars of Investing, or it's little sister The Investor's Manifesto, a "simplified" version of Four Pillars.
    • Winning the Losers Game.
    • The Bogleheads' Guide to Investing.
    • Books by Rick Ferri and Larry Swedroe. Two Boglehead favorites with some contrasting views.
    • Investing Made Simple ... in 100 Pages or Less. Somehow manages to explain all the important things in a very easy-to-understand way. This may be a good gift to a younger investor or a good reminder for you.
    • The Little Book of Common Sense Investing.
    • Charlie Munger, the Complete Investor. What it takes to be a successful, active, investor. It will broaden your horizons.
Excellent analysis. I truly enjoy reading your posts. But curious about the choice of Munger over Graham

Thank you
QJ
G.E. Box "All models are wrong, but some are useful."

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bertilak
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Re: In what order should I read these books?

Post by bertilak » Wed Aug 31, 2016 4:28 pm

qwertyjazz wrote:... curious about the choice of Munger over Graham.
I never read Graham so can't honestly comment on him. I'll leave that to others.
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arcticpineapplecorp.
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Re: In what order should I read these books?

Post by arcticpineapplecorp. » Wed Aug 31, 2016 7:48 pm

parsi1 wrote:When you are bored and tired of reading investment books, do a search on this forum for The Three Fund Portfolio by Mr Taylor Larimore and start reading the posts. It will keep you busy for several days and it is very informative.
When I first found this site, I read up on the posts regarding slicing/dicing (I head read William Bernstein's 4 Pillars of Investing and Intelligent Asset Allocator and was listening to Paul Merriman at the time) and was trying to get more feedback about whether slicing and dicing was better than the total market approach.

Man did that keep me busy for a while reading through all the posts on that topic. :shock:

Still, I came out on the other side in favor of Taylor's 3 fund portfolio. So yes, I wholeheartedly concur to spend time reading this:

viewtopic.php?t=88005

and this:

https://www.bogleheads.org/wiki/Three-fund_portfolio

What more do you need than that?
"Invest we must." -- Jack Bogle | “The purpose of investing is not to simply optimise returns and make yourself rich. The purpose is not to die poor.” -- William Bernstein

DomDangelina
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Re: In what order should I read these books?

Post by DomDangelina » Tue Jun 13, 2017 5:36 pm

Some good books mentioned here. Should any new ones be added?
"Often the remedy causes the disease. It is by no means the least of life's rules: to let things alone." | Baltasar Gracián, S.J., The Art of Worldly Wisdom, Maxim 121

freyj6
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Re: In what order should I read these books?

Post by freyj6 » Tue Jun 13, 2017 6:08 pm

Personally I've found William Bernstein's books to be by far the most interesting, readable and useful, at least until you get into really esoteric territory.

If you've already read the Wiki, you probably don't need to spend too much time on the really basic stuff.

I'd read 4 Pillars of Investing, then Rational Expectations and Bernstein's other mini books like Deep Risk and Skating Where the Puck Was.

Again, in my biased opinion, there's little covered in most of the other popular books that isn't covered better by Bernstein. If you want to nerd out after that, some of the history books and retirement planning books are really good.

Cheers

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Re: In what order should I read these books?

Post by JimB » Wed Jun 14, 2017 11:41 am

Sorry to be slightly off topic. If You Can is the shortest book I have read and basically just says "Do This". I wonder why Mike Piper's book Investing Made Simple never seems to make the lists. It is short and ,in my opinion, contains enough information that it could be sufficient to convince a beginner that indexing is the best way to go. I have purchased many copies and given them to first time 401(k) investors at the company where I work. It is short enough that some people actually read it.
Of course, the OP is looking at more advanced books.

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Re: In what order should I read these books?

Post by DomDangelina » Wed Jun 14, 2017 12:02 pm

JimB wrote:Sorry to be slightly off topic. If You Can is the shortest book I have read and basically just says "Do This". I wonder why Mike Piper's book Investing Made Simple never seems to make the lists. It is short and ,in my opinion, contains enough information that it could be sufficient to convince a beginner that indexing is the best way to go. I have purchased many copies and given them to first time 401(k) investors at the company where I work. It is short enough that some people actually read it.
Of course, the OP is looking at more advanced books.
My impression is that all of the OP's listed books are actually books for beginners. But it's good that you've suggested a possibly even more introductory book.
"Often the remedy causes the disease. It is by no means the least of life's rules: to let things alone." | Baltasar Gracián, S.J., The Art of Worldly Wisdom, Maxim 121

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