General, rock solid investment books

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Bobo
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General, rock solid investment books

Post by Bobo » Fri Jan 27, 2017 12:51 pm

I was looking through the list of these recommended investment books and the books in the Classics section of the same page, for the last 10 years. Ten is an arbitrary number of years that I'm not strictly limited to. I'm too inexperienced to know whether enough changed in the investment world to call books of any given age "too old" but there seems to be some evidence from this forum and other things I've read that there's now a stronger consensus on the benefit of cheap, global index type investments. I'm open to books that are older than 10 years if anyone thinks they're still worthy of being the one book in my investment library. Here are the ones from the last 10 years that I found on that webpage:

General investment:
2014 If You Can: How Millennials Can Get Rich Slowly - William Bernstein
2012 Common Sense Investing: Ten Simple Rules to Finance Your Dreams- Rick Van Ness
2012 The Permanent Portfolio: Harry Browne's Long-Term Investment Strategy- Craig Rowland,J.M. Lawson
2009 The Investor's Manifesto- William Bernstein
2009 The Little Book of Safe Money: How to Conquer Killer Markets, Con Artists, and Yourself - Jason Zweig
2007 The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns - John C. Bogle
2007 The ETF Book: All You Need to Know About Exchange-Traded Funds - Rick
2007 Wise Investing Made Simple - Larry Swedroe

Classics:
Common Sense on Mutual Funds: 10th Anniversary Edition - John C. Bogle

I'm skeptical about many of them just from their titles. In addition to good reviews (and I'd mostly care about expert reviews in this case), I'd like something kind of like a text book that would be used in a good university. Nothing that focuses on a particular strategy unless there's pretty much a consensus among the most respected experts that it's the correct strategy. Anyone know anything of that sort?

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alec
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Re: General, rock solid investment books

Post by alec » Fri Jan 27, 2017 1:05 pm

I'd go with the Boyle books because his writing on low expense investing is timeless.
"It is difficult to get a man to understand something, when his salary depends upon his not understanding it!" - Upton Sinclair

Topic Author
Bobo
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Re: General, rock solid investment books

Post by Bobo » Fri Jan 27, 2017 1:12 pm

This article says "London School of Economics, Oxford University, Imperial College London and New York University – Stern are the happiest hunting grounds for banks’ graduate recruiters." I'm going to find out what books they use at NYU.

pascalwager
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Re: General, rock solid investment books

Post by pascalwager » Fri Jan 27, 2017 1:22 pm

Note: Book titles are determined by the publisher, not the author.
Retired, pension, no SS | 55/45, S/B | 50/50, US/int'l | tilts: large value, small | cash 1%

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Bobo
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Re: General, rock solid investment books

Post by Bobo » Fri Jan 27, 2017 2:38 pm

http://blogs.wsj.com/totalreturn/2014/1 ... ort-shelf/

"So I feel strongly that the usual article on “best investing books” has way too many entries and ends up suggesting good books you might read, rather than recommending great books you must read...Here’s a list that I would still be comfortable with decades from now. Every book below has stood the test of time and, I’m confident, will remain useful for generations to come."

This was tempting but I couldn't see the list of books because I'm not a subscriber. Luckily this page claims to list them. Unfortunately, again judging by the titles, most aren't what I'm looking for.

Topic Author
Bobo
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Re: General, rock solid investment books

Post by Bobo » Fri Jan 27, 2017 3:02 pm

OK, I'm getting there. The list of links under "colleges" near the end of this article led me to this article which I think is the best I found so far for choosing a book.

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Portfolio7
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Re: General, rock solid investment books

Post by Portfolio7 » Fri Jan 27, 2017 3:24 pm

"The Intelligent Investor" is often recommended as well. It is pre-Index fund investing, but the lessons are timeless.

I am a big fan of Bernstein's "The Intelligent Asset Allocator". It's a bit more math oriented than some books, but I thought it was great.

You might want to add those to the list you are considering. If you are going to pick one book, I'd pick the bogleheads guide to investing. One book will leave a lot unsaid, since investing is a very big subject. The best books either cover the subject broadly, or they specialize in a uniquely enlightening way. And then, some books that really have very little value overall can have some very insightful chapters or paragraphs. For me that was Ken Fisher's 'Three things'. I'm not a Fisher fan, the book was a gift that I read in late 2006... and I don't recommend it to anyone... but one chapter was very useful to me at that stage in my development as an investor.
"An investment in knowledge pays the best interest" - Benjamin Franklin

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Bobo
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Re: General, rock solid investment books

Post by Bobo » Fri Jan 27, 2017 3:37 pm

A Random Walk Down Wall Street is sounding good. I wonder why it's not on...Oh, it is listed here. The list is sorted by the date of the first edition and it made me think the book is old. Maybe I'll go with that one.

I ordered the 11th Edition, 2016.

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