Great investment books that are less well known?

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All Seasons
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Great investment books that are less well known?

Post by All Seasons » Sun Jul 08, 2018 8:00 pm

Hello all!

So, like many of you on these forums, I've chewed through books like A Random Walk Down Wall Street, Bogle on Mutual Funds, and The Four Pillars of Investing. These are examples of the "usual suspects" in terms of investment books recommended on the forums and in the wiki.

Do any of you have favourite investment/finance books that are sort of off the beaten path that you have really enjoyed reading? I personally really like Robert Hagstrom's book Investing: The Last Liberal Art -- which seems to me is kind of a diamond in the rough. :beer
The market portfolio is always a legitimate portfolio.

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welderwannabe
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Re: Great investment books that are less well known?

Post by welderwannabe » Sun Jul 08, 2018 8:01 pm

'Bond Book' by Annette Thau.
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Re: Great investment books that are less well known?

Post by VictoriaF » Sun Jul 08, 2018 8:03 pm

If you start reading interesting books on investing, you'll start getting interesting ideas about investing. And those are the most dangerous ideas. Bogleheads-kind investing is boring by definition.

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averagedude
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Re: Great investment books that are less well known?

Post by averagedude » Sun Jul 08, 2018 8:10 pm

A good book on personal finance that is a quick read, that i liked was "The index card" by Helaine Olen.

drk
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Re: Great investment books that are less well known?

Post by drk » Sun Jul 08, 2018 8:13 pm

I don't think it's necessarily less well-known because it's in the wiki, but I just finished Jason Zweig's Your Money & Your Brain. It's about behavioral finance, billing itself as a book about neuro-economics. I thought it was excellent.

Now I'm reading Peter Bernstein's Against the Gods: The Remarkable Story of Risk.

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Re: Great investment books that are less well known?

Post by jbranx » Sun Jul 08, 2018 8:24 pm

I'd add both of Peter Bernstein's books, "Against the Gods" and "Capital Ideas." Remarkably good reads on the intellectual history of investment theory and practice.

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Re: Great investment books that are less well known?

Post by asif408 » Sun Jul 08, 2018 8:32 pm

I like some of the ones already mentioned, and would add the Investing for Adults series by Bill Bernstein (4 books I think, you can google it) and
Devil Take the Hindmost.

The series by Bill is more advanced and is good for someone who has already read the basics, which it sounds like you have, and wants to go a bit further. Devil Take the Hindmost is a really interesting historical account of investing manias over the last several hundred years.

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Re: Great investment books that are less well known?

Post by nisiprius » Sun Jul 08, 2018 8:38 pm

The Misbehavior of Markets: A Fractal View of Financial Turbulence, by Benoit Mandelbrot and Richard Hudson. It's not exactly poorly known, but nobody talks about it because if he's right, then it knocks the underpinnings from almost everything else. I have the impression that mainstream finance writers ignore it, not because they think he was wrong, but because it's so nihilistic. It knocks the support out from existing financial statistics and, despite some efforts here and there, really doesn't set out any clear path or program to replace it with anything else.
Last edited by nisiprius on Sun Jul 08, 2018 8:46 pm, edited 2 times in total.
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JoMoney
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Re: Great investment books that are less well known?

Post by JoMoney » Sun Jul 08, 2018 8:44 pm

The Art of Money Getting by P.T. Barnum
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham

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permport
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Re: Great investment books that are less well known?

Post by permport » Sun Jul 08, 2018 9:31 pm

Not exactly an investment book, but The Paradigm: The Definitive Guide to Life and Happiness by Forrest Wong is an excellent book on overall self-improvement and management. Each chapter deals with a specific aspect of life such as personal planning, health, and there is one chapter on personal finance. It's obvious that the author is quite Boglehead-ish. Definitely also a "diamond in the rough" as the OP put it.

https://www.amazon.com/Paradigm-Definit ... adigm+wong
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All Seasons
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Re: Great investment books that are less well known?

Post by All Seasons » Mon Jul 09, 2018 12:50 am

This is a great thread, guys. Lots of books I'd never even heard of here.

My Amazon shopping cart is filling up already! :mrgreen:
The market portfolio is always a legitimate portfolio.

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Re: Great investment books that are less well known?

Post by jbranx » Mon Jul 09, 2018 1:29 am

Anyone who enjoys Mandelbrodt's "The Misbehavior of Markets" that Nisi mentioned above, might also like Murray Gell-Mann's "The Quark and the Jaguar: Adventures in the Simple and the Complex." His Nobel was in physics but his work explores complex adaptive systems. He is a co-founder of the Santa Fe Institute which has considered the stock market as a complex adaptive system. Bill Miller of Legg Mason fame is a big supporter of the institute and ventures like its artificial stock market.

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Re: Great investment books that are less well known?

Post by IlikeJackB » Mon Jul 09, 2018 10:51 am

The Great Depression: A Diary by Benjamin Roth
"Do what you will, the capital is at hazard." Justice Samuel Putnam, Harvard College vs Amory, 1830. The "Prudent Man Rule."

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nisiprius
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Re: Great investment books that are less well known?

Post by nisiprius » Mon Jul 09, 2018 12:45 pm

IlikeJackB wrote:
Mon Jul 09, 2018 10:51 am
The Great Depression: A Diary by Benjamin Roth
YES. It's great in so many ways. The contemporary view from inside is so different from the historical view years later. I don't mean anything polemical, no revisionism, nothing like that, it's just that the concerns and the point of view are different. Just to mention one point, it's the first time I ever realized a) that even banks that did not fail often froze withdrawals, and that b) as a result there was a market in "bankbooks," with prices published in newspapers. If you had a bankbook showing a $1,000 balance in a bank that had frozen withdrawals, people would pay you varying amounts (like $0.50 or $0.25 on the dollar) for you to sign your bankbook over to them. They would then wait for the bank either to fold, or to start honoring withdrawals again.
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Re: Great investment books that are less well known?

Post by bobcat2 » Mon Jul 09, 2018 1:37 pm

Investors and Markets by William Sharpe

This book's intended audience is most likely finance MBA's who want a fairly simple introduction to PhD level finance. The book takes Arrow's more general state-preference approach to investing and treats Markowitz's mean-variance (MPT) approach as a special case, albeit a special case with several practical advantages.

There is some statistics and math in the book, but nothing more difficult than simple differentiation. It reads as a text and not a series of lectures, although it did begin as a lecture series. Topics covered include state claim prices, complete markets, asset pricing kernels, spanning, and no-arbitrage pricing. Level of overall difficulty is about halfway between a graduate level finance textbook and a Bill Bernstein investment book. Click the following to read the introductory chapter. http://press.princeton.edu/chapters/s8272.pdf

Link to book at Amazon - https://www.amazon.com/Investors-Market ... dpSrc=srch

BTW, if you are completely unaware of the above topic areas in the book, there is a very good chance that you know less about personal finance and investing than you think you do. :| After reading this book several years ago the conclusion I reached was that I knew less about investing that I had previously thought I knew. That insight made me more cautious in my approach to investing.
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Howard Donnelly
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Re: Great investment books that are less well known?

Post by Howard Donnelly » Mon Jul 09, 2018 2:05 pm

I highly recommend The Millionaire in You, by Michael LeBoeuf. Terrific book! By the way, Michael is a member of the Bogleheads Forum (mlebuf).

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Re: Great investment books that are less well known?

Post by tooluser » Fri Feb 14, 2020 6:20 pm

JoMoney wrote:
Sun Jul 08, 2018 8:44 pm
The Art of Money Getting by P.T. Barnum
This one's online:
https://www.fourmilab.ch/etexts/www/bar ... tting.html

From Ch. 14:
"If a man has plenty of money, he ought to invest something in everything that appears to promise success, and that will probably benefit mankind; but let the sums thus invested be moderate in amount, and never let a man foolishly jeopardize a fortune that he has earned in a legitimate way, by investing it in things in which he has had no experience."

P.T. Barnum as Boglehead. Who'd a thunk it? :!:

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Re: Great investment books that are less well known?

Post by anoop » Fri Feb 14, 2020 7:34 pm

I haven't read this because I can't afford it.
https://www.amazon.com/Margin-Safety-Ri ... 887305105/

Trader Joe
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Re: Great investment books that are less well known?

Post by Trader Joe » Fri Feb 14, 2020 7:43 pm

All Seasons wrote:
Sun Jul 08, 2018 8:00 pm
Hello all!

So, like many of you on these forums, I've chewed through books like A Random Walk Down Wall Street, Bogle on Mutual Funds, and The Four Pillars of Investing. These are examples of the "usual suspects" in terms of investment books recommended on the forums and in the wiki.

Do any of you have favourite investment/finance books that are sort of off the beaten path that you have really enjoyed reading? I personally really like Robert Hagstrom's book Investing: The Last Liberal Art -- which seems to me is kind of a diamond in the rough. :beer
I highly recommend the following:

https://www.amazon.com/Bogleheads-Guide ... 271&sr=8-1

https://www.amazon.com/White-Coat-Inves ... 293&sr=8-5

https://www.amazon.com/Little-Book-Comm ... 293&sr=8-7

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Re: Great investment books that are less well known?

Post by Eastwest » Fri Feb 14, 2020 7:48 pm

The Behavior Gap - Simple Ways to Stop Doing Dumb Things with Money by Carl Richards
https://www.amazon.com/Behavior-Gap-Sim ... 1591844649

You may know Carl from the New York Times and his "napkin sketches", also worth your time.
https://www.nytimes.com/by/carl-richards

theorist
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Re: Great investment books that are less well known?

Post by theorist » Fri Feb 14, 2020 8:06 pm

I have the Mandelbrot book on my shelf waiting for a reading soon; right now I’m working on John Bogle’s “Enough.”

A book I hadn’t heard of but stumbled across at a local bookstore, and might want to read, is this effort about Mark Twain’s investing career:

https://www.amazon.com/How-Not-Get-Rich ... oks&sr=1-4

If anyone has read it and has a reaction, let me know!

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Re: Great investment books that are less well known?

Post by 1789 » Fri Feb 14, 2020 11:33 pm

averagedude wrote:
Sun Jul 08, 2018 8:10 pm
A good book on personal finance that is a quick read, that i liked was "The index card" by Helaine Olen.
I liked it as well. Nice book
"My conscience wants vegetarianism to win over the world. And my subconscious is yearning for a piece of juicy meat. But what do i want?" (Andrei Tarkovsky)

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1789
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Re: Great investment books that are less well known?

Post by 1789 » Fri Feb 14, 2020 11:37 pm

“The Ponzi Factor” by Tan Liu. I read it free on my kindle. Very provocative reading. Strongly recommended.
"My conscience wants vegetarianism to win over the world. And my subconscious is yearning for a piece of juicy meat. But what do i want?" (Andrei Tarkovsky)

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Re: Great investment books that are less well known?

Post by honduranhurricane » Sat Feb 15, 2020 1:45 am

anoop wrote:
Fri Feb 14, 2020 7:34 pm
I haven't read this because I can't afford it.
https://www.amazon.com/Margin-Safety-Ri ... 887305105/
you can find pdf's of this on-line.

anoop
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Re: Great investment books that are less well known?

Post by anoop » Sat Feb 15, 2020 1:54 am

honduranhurricane wrote:
Sat Feb 15, 2020 1:45 am
anoop wrote:
Fri Feb 14, 2020 7:34 pm
I haven't read this because I can't afford it.
https://www.amazon.com/Margin-Safety-Ri ... 887305105/
you can find pdf's of this on-line.
Thanks.

smectym
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Re: Great investment books that are less well known?

Post by smectym » Sat Feb 15, 2020 4:56 am

Robert R. Prechter Jr., “At the Crest of the Tidal Wave: A Forecast for the Great Bear Market” (1995).

Many gloriously wrong predictions, and one must tolerantly wave aside the Elliot Wave hugger-mugger, but Prechter throws enough sticky stuff on the wall to arguably claim that he called the dot.com collapse (see page 84; he gives a range, but 2000 is the midpoint of his range). Fast forward, Prechter did not shy from calling the subsequent market top either: he cast a malevolent eye on “2024 +/- 2 years (i.e. 2022-2026)...”.

This book is dense, unlike some of Prechter’s subsequent, post-crisis efforts to reach a broader market (e.g., “Conquer the Crash” and its successors). In many ways a relic of a lost land, one of the last investment tomes never to mention the word “internet,” some will find this volume a mere curio. But those with a defensive investing approach will also find substantial arguments to justify a prudent, conservative portfolio allocation that includes a healthy slug of cash.

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Re: Great investment books that are less well known?

Post by MechEngOSU » Sat Feb 15, 2020 5:18 am

Morgenthal & Co.: The Story of an important investment bank by Barrie Wigmore is an excellent fiction book about a investment bank going through 1972-2010 financial events as the backdrop. Really enjoyed the characters. Just a warning though, there is some rated R material in there unrelated to finance.

Capital Ideas by Peter Bernstein and Devil take the Hindmost, as noted above
Why Bother with Bonds by Van Ness really helped me understand “Duration”
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Re: Great investment books that are less well known?

Post by oldzey » Sat Feb 15, 2020 12:34 pm

I've enjoyed browsing through the extensive compilation of great investment books as listed in Taylor Larimore's Investment Gems.
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