Good Books on Investment?

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sapper1371
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Good Books on Investment?

Post by sapper1371 » Fri Jul 20, 2018 4:55 pm

I recently read “the intelligent investor” by Benjamin Graham. I found it pretty fascinating and have really bought into his philosophy of holding quality index funds and bonds. Any other recommendations or should I just stick with Graham’s recommendations for a defensive investor and let time do it’s thing?

livesoft
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Re: Good Books on Investment?

Post by livesoft » Fri Jul 20, 2018 5:00 pm

I read Benjamin Graham and he didn't write about holding quality index funds at all. They didn't even exist when he wrote the book.

So color me confused. :)

The Bogleheads reading list is a good source of book titles that you may wish to investigate whether you want to read them or not.
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CABob
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Re: Good Books on Investment?

Post by CABob » Fri Jul 20, 2018 5:26 pm

livesoft wrote:
Fri Jul 20, 2018 5:00 pm
The Bogleheads reading list is a good source of book titles that you may wish to investigate whether you want to read them or not.
I believe that this is the reading list that livesoft refers to: https://www.bogleheads.org/wiki/Categor ... nd_authors
I also think that Taylor's investment "Gems" is also a good starting point https://www.bogleheads.org/wiki/Taylor_ ... tment_Gems
Bob

sapper1371
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Re: Good Books on Investment?

Post by sapper1371 » Fri Jul 20, 2018 5:40 pm

livesoft wrote:
Fri Jul 20, 2018 5:00 pm
I read Benjamin Graham and he didn't write about holding quality index funds at all. They didn't even exist when he wrote the book.

So color me confused. :)

The Bogleheads reading list is a good source of book titles that you may wish to investigate whether you want to read them or not.
Haha, well the book has been updated since his time and now notes that index funds would have made following his philosophy for a defensive investor much easier :beer

livesoft
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Re: Good Books on Investment?

Post by livesoft » Fri Jul 20, 2018 5:43 pm

Oh, so you read Jason Zweig and will follow his advice. That's not the advice of Benjamin Graham who died in 1976 which was the same year that the first retail index fund was available I think although an institutional index fund was available before that year.

Mr Zweig did a good job subverting Graham's message if you believe that using index funds will make it easier to follow Graham's advice.
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sapper1371
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Re: Good Books on Investment?

Post by sapper1371 » Fri Jul 20, 2018 6:08 pm

livesoft wrote:
Fri Jul 20, 2018 5:43 pm
Oh, so you read Jason Zweig and will follow his advice. That's not the advice of Benjamin Graham who died in 1976 which was the same year that the first retail index fund was available I think although an institutional index fund was available before that year.

Mr Zweig did a good job subverting Graham's message if you believe that using index funds will make it easier to follow Graham's advice.
I am saying that I read the advice of both Graham and Zweig and I believe they had the same conclusions; just different tools available at different times. Disagree?

Many times Zweig notes that “what Graham is describing can easily be accomplished these days with the purchase of an index fund”. Not sure what point you are trying to make unless you are personally upset that I didn’t give due acknowledgement to Zweig :oops:

sapper1371
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Re: Good Books on Investment?

Post by sapper1371 » Fri Jul 20, 2018 6:10 pm

CABob wrote:
Fri Jul 20, 2018 5:26 pm
livesoft wrote:
Fri Jul 20, 2018 5:00 pm
The Bogleheads reading list is a good source of book titles that you may wish to investigate whether you want to read them or not.
I believe that this is the reading list that livesoft refers to: https://www.bogleheads.org/wiki/Categor ... nd_authors
I also think that Taylor's investment "Gems" is also a good starting point https://www.bogleheads.org/wiki/Taylor_ ... tment_Gems
That’s a long list! Think I’m going with a random walk down Wall Street

jbranx
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Re: Good Books on Investment?

Post by jbranx » Fri Jul 20, 2018 6:27 pm

livesoft wrote:
Fri Jul 20, 2018 5:43 pm
Oh, so you read Jason Zweig and will follow his advice. That's not the advice of Benjamin Graham who died in 1976 which was the same year that the first retail index fund was available I think although an institutional index fund was available before that year.

Mr Zweig did a good job subverting Graham's message if you believe that using index funds will make it easier to follow Graham's advice.
Actually there have been several quotes resurrected from the past on Graham commenting on indexing, according to Jason Z. I also recall that value investors have gone to great length to claim that Graham didn't actually mean it when he said investors were probably better off with a fund that tracked the market rather than trying to find undervalued securities. See this piece from Jason's site, among others that you can google, including a lengthy interview in the Financial Analysts Journal. Jason's article on the topic:

http://jasonzweig.com/another-note-on-b ... dex-funds/

And here's a more lengthy piece on the same topic:

http://jasonzweig.com/would-benjamin-gr ... dex-funds/
Last edited by jbranx on Fri Jul 20, 2018 6:32 pm, edited 1 time in total.

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fortyofforty
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Re: Good Books on Investment?

Post by fortyofforty » Fri Jul 20, 2018 6:32 pm

Read some of John Bogle's books. His works are clear, concise, and powerful.
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Fallible
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Re: Good Books on Investment?

Post by Fallible » Fri Jul 20, 2018 6:35 pm

sapper1371 wrote:
Fri Jul 20, 2018 6:10 pm
CABob wrote:
Fri Jul 20, 2018 5:26 pm
livesoft wrote:
Fri Jul 20, 2018 5:00 pm
The Bogleheads reading list is a good source of book titles that you may wish to investigate whether you want to read them or not.
I believe that this is the reading list that livesoft refers to: https://www.bogleheads.org/wiki/Categor ... nd_authors
I also think that Taylor's investment "Gems" is also a good starting point https://www.bogleheads.org/wiki/Taylor_ ... tment_Gems
That’s a long list! Think I’m going with a random walk down Wall Street
These book lists from the wiki kind of pull it altogether for you by category and for those investors just getting started:

https://www.bogleheads.org/wiki/Books:_ ... nd_reviews
https://www.bogleheads.org/wiki/Boglehe ... art-up_kit

And they really are not, as you said, "long" lists, but just the beginnings of the best readings available for investors. There are many more great books and blogs out there.
Bogleheads® wiki | Investing Advice Inspired by Jack Bogle

DesertDiva
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Re: Good Books on Investment?

Post by DesertDiva » Fri Jul 20, 2018 6:38 pm

The "Amazon" link in the blue banner above will give you some great resources. Start with
  • "The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns" by Jack Bogle (who this site is named after).
  • "The Bogleheads' Guide to the Three-Fund Portfolio: How a Simple Portfolio of Three Total Market Index Funds Outperforms Most Investors with Less Risk" by Taylor Larimore and John Bogle
  • "The Bogleheads' Guide to Investing" by Taylor Larimore and Mel Lindauer
Also excellent reading:
  • "The Millionaire Next Door: The Surprising Secrets of America's Wealthy" by Thomas Stanley and William Danko
♫ Stocks go up ♫ Stocks go down ♫ Stocks go up ♫ Stocks go down ♫

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Whiggish Boffin
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Re: Good Books on Investment?

Post by Whiggish Boffin » Sat Jul 21, 2018 1:35 pm

Dr. William Bernstein wrote "If You Can: How Millennials Can Get Rich Slowly". It's a free-to-download 15-page paper with a 7-book reading list. You read it once for the gist, and a second time while you do the readings. The books cover the five hurdles of motivation to save, theory, history, psychology, and business of investing. Millennial or not, they'll smarten you up just fine.

Links to the paper and the reading list can be found here.

That said, Random Walk is a fine follow-on to Intelligent Investor.

averagedude
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Re: Good Books on Investment?

Post by averagedude » Sat Jul 21, 2018 3:10 pm

sapper1371 wrote:
Fri Jul 20, 2018 6:10 pm
CABob wrote:
Fri Jul 20, 2018 5:26 pm
livesoft wrote:
Fri Jul 20, 2018 5:00 pm
The Bogleheads reading list is a good source of book titles that you may wish to investigate whether you want to read them or not.
I believe that this is the reading list that livesoft refers to: https://www.bogleheads.org/wiki/Categor ... nd_authors
I also think that Taylor's investment "Gems" is also a good starting point https://www.bogleheads.org/wiki/Taylor_ ... tment_Gems
That’s a long list! Think I’m going with a random walk down Wall Street
Reading "Random walk down Wall Street" would be a great use of your time.

Quaestner
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Re: Good Books on Investment?

Post by Quaestner » Sat Jul 21, 2018 3:46 pm

Dr. William Bernstein's "Investor's Manifesto" was influential as I began to get serious about investing.

sapper1371
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Joined: Tue Jul 10, 2018 7:21 pm

Re: Good Books on Investment?

Post by sapper1371 » Sun Jul 22, 2018 12:51 pm

Thanks for the great suggestions

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