Investment Books

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Investment Books

Post by Taggart »

I couldn't find a Topic Title on this subject, so I made one up.

Happened to see a book on the local library shelf and enjoyed it very much. Never heard of it before, and didn't think much of the title, but sometimes something good comes from the unknown.

You can read the customer reviews at Amazon.

How a Second Grader Beats Wall Street: Golden Rules Any Investor Can Learn by Allan S. Roth.
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Re: Investment Books

Post by Rickson9 »

Sounds like a book perfectly tailored for my level! Love it!
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Re: Investment Books

Post by Taggart »

David Chilton's latest, "The Wealthy Barber Returns", is now available to purchase.
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Re: Investment Books

Post by Taggart »

Just a heads up for those interested, that Zvi Bodie's latest book (co-authored with Rachelle Taqqu) will be released for sale this December.

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Re: Investment Books

Post by bindexit »

I prefer to borrow books from the public library instead of buying (Scottish genes I guess). However, on a recent trip to Chapter's, an exception was made. I'm now the proud owner of :

"The Intelligent Investor -The Definitive Book on Value Investing" Revised Edition, Benjamin Graham (Updated with new commentary by Jason Zweig).

By the way, Indigo (owner of Chapter's) had been cited as a value play in the past by other known value investors.
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Re: Investment Books

Post by Solo »

The Millionaire Teacher by Andrew Hallam. I know that Taggart already mentioned this book in another thread http://www.financialwisdomforum.org/for ... 9&t=114036 but I'd also like to recommend it.

With two "kids" in their early thirties, I've passed on a few books that I thought were pretty basic (e.g., The Little Book of Common Sense Investing by Bogle and The Elements of Investing by Malkiel and Ellis) but in every case I could see eyes quickly glazing over. Millionaire Teacher is the first book that really grabbed their attention, prompted a number of good discussions and even resulted in some positive action.

The book was especially helpful to my daughter and son-in-law who read the book shortly after meeting with a high-powered commision-based financial advisor shark. Since Hallam does an excellent job of identifying the wooing strategies used by many advisors, they decided to change direction (i.e., combine a passive management DYI approach with fee-based advice). At least IMHO, a very good outcome :thumbsup:
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Re: Investment Books

Post by George$ »

Here is a list of my memo draft of "top ten" investment writers, etc. - as a 4-page pdf file I recently passed around - with a list of Bogle's ten books since 1994 -
My “ top ten” names to recommend for investments

some other related links that may be of interest on the UTFA website
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Re: Investment Books

Post by AltaRed »

George, thank you very much for sharing. I will be passing it on.
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Re: Investment Books

Post by ig17 »

George, thanks for sharing!
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Re: Investment Books

Post by Peculiar_Investor »

George's list is now included in Recommended Reading - finiki, the Canadian financial Wiki. Thanks George.
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Re: Investment Books

Post by fin0007 »

Best Investment Book, I ever read was maybe ten years ago.

"Stocks for the Long Run" by Jeremy Seigel'
"There are a lot of books out there that try to tell you how to make money in the stock market. This one accomplishes something else. By giving quite a bit of history of market performance and explaining why stocks performed as they did over multiple time periods, Siegel gives the reader a basis for understanding how and why stocks respond to different inputs.

Stocks for the Long Run ends up being a great book to start with for someone who is just beginning to invest in stocks, or for someone who has had a tough go of investing in stocks and is looking to re-ground themselves in the realities of stocks. Siegel does a very nice job of setting realistic return expectations, showing the power of stocks over the long-term and giving guidance on portfolio construction.

This book doesn't give much guidance at all on how to select individual stocks, but that isn't its intent. Instead, it makes a compelling argument for the asset class of stocks in general and lets you know what you can expect as a stock investor."

I am a dividend investor. I applied what I learned from the book and are generally please with my preformance.

If anyone who has read the book and can provide comment, please do.

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Re: Investment Books

Post by Taggart »

For those who haven't yet seen it, the Financial Post has a list of "The 22 most important finance books ever written".
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Re: Investment Books

Post by parvus »

fin0007 wrote:Best Investment Book, I ever read was maybe ten years ago.

"Stocks for the Long Run" by Jeremy Seigel'

<snip>
If anyone who has read the book and can provide comment, please do.

Fin
The problem is he slightly recanted with the Future for Investors, in 2005, leading me to believe his views are really Dividend Stocks for the Long Run.
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Re: Investment Books

Post by parvus »

Taggart wrote:For those who haven't yet seen it, the Financial Post has a list of "The 22 most important finance books ever written".
Thanks Taggart. I think I've read about half of them. Surprised Seth Klarman isn't mentioned, or O'Shaughnessy or Dreman.
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Re: Investment Books

Post by FinEcon »

That list has some crater sized holes in it:
1) Aggressive Conservative Investor - Marty Whitman
2) Value investing: Graham to Buffet and Beyond - Bruce Greenwald
3) Margin of Safety - Seth Klarman

Only three books above but each of them are better than all but three on that list. If the three aren't obvious, then IMO, you have have your work cut out for yourself.

FWIW, Nassim Taleb's Fooled by Randomness, another notable miss, is worth more than all of Peter Bernstein's books put together (and yes I own the other 2). This list was clearly put together by peopel who spend more time writing about investing than actually doing it.

There are more notable misses which are better than some of the donkeys on that list. Anything by Howard Marks or Michael Mauboussin's More Than You Know.
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Re: Investment Books

Post by parvus »

FinEcon wrote:FWIW, Nassim Taleb's Fooled by Randomness, another notable miss, is worth more than all of Peter Bernstein's books put together (and yes I own the other 2). This list was clearly put together by peopel who spend more time writing about investing than actually doing it.
I'm not so sure. Taleb's admonitions apply more to quantitative growth or index investing, based on long-run perspectives and factor analysis. The value investor doesn't really care about the (ir)regularity of broad stock market returns, but whether the bakery can bake bread and make money every day.

But thanks, I'll look up the stuff on your list.
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Re: Investment Books

Post by ghariton »

I would nominate Daniel Kahneman, Thinking Fast and Slow, as the best single book on investment.

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Re: Investment Books

Post by Taggart »

I have my own list, so I won't repeat the books mentioned in the linked article above. These are in no particular order:

1. The Money Masters by John Train.

This book, first published in 1980, got me started, if not in the doing, at least in seriously thinking about it. Without it I probably wouldn't have delved further into the investment lives of Benjamin Graham, Warren Buffett, Philip Fisher, T. Rowe Price and John Templeton.

2. Wiped Out. How I Lost a Fortune in the Stock Market While the Averages Were Making New Highs by an anonymous investor.

Published in 1966, I first read this in the Toronto Reference Library about the mid 1980's. I was determined not to let the same thing happen to our own portfolio, and surprisingly, so far, I've succeeded, although I didn't start off investing with a fortune like the author above.

3. Super-money by Adam Smith.

Published in 1972, I still possess the paperback and paid 95 cents for it at a used book store a few decades ago. The chapter on Graham, Buffett, and Schloss is worth the price of admission alone. The name of the chapter title, tells all: "Somebody Must Of Done Something Right: The Lessons of the Master"

4. Developing An Investment Philosophy by Philip A. Fisher

Probably the least heralded of his books authored, but my personal favourite.

5. Winning the Loser's Game by Charles D. Ellis.

I still wince when I read the chapter on what's leftover for the investor, after costs, inflation and taxes. First time I ever looked at investing from that viewpoint and it was mind blowing.

6. Buffett The Making Of An American Capitalist by Roger Lowenstein.

Never tire of this book. Although I don't always follow it, since there's never enough of them available in Canada to make a diversified portfolio, I always keep in mind this statement from Buffett on page 132 of this book. "What counted was the profit as a percentage of the capital invested". "I'd rather have a $10 million business making 15 percent than a $100 million business making 5 percent." "I have other places I can put the money".

7. Warren Buffett Speaks by Janet Lowe

Easy to read, easy to understand, my favourite book by author Janet Lowe.

8. Classics An Investor's Anthology edited by Charles D. Ellis with James R. Vertin

9. Classics II Another Investor's Anthology edited by Charles D. Ellis with James R. Vertin

Great historical compilation from various investors over the ages.

10. The Richest Man In Babylon by George S. Clason

Published in the 1920's, follow the rules in this book, and you'll never be poor. Hard to believe this classic still holds up well after all these years.

11. The Little Book of Common Sense Investing by John Bogle

This was my favourite of Bogle's books. I should of recognized him earlier in life, but for some reason I bypassed him.

12. The Single Best Investment by Lowell Miller

13. The Investment Zoo by Stephen A. Jarislowsky

Since when it comes to Canadian stock investing, I'm really a dividend growth investor at heart, the last two books are important to me. I just try and keep it simple, don't get too fancy, and with a little luck thrown in, I may do well. So far, so good.
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Re: Investment Books

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parvus wrote:
FinEcon wrote:FWIW, Nassim Taleb's Fooled by Randomness, another notable miss, is worth more than all of Peter Bernstein's books put together (and yes I own the other 2). This list was clearly put together by peopel who spend more time writing about investing than actually doing it.
I'm not so sure. Taleb's admonitions apply more to quantitative growth or index investing, based on long-run perspectives and factor analysis. The value investor doesn't really care about the (ir)regularity of broad stock market returns, but whether the bakery can bake bread and make money every day.

But thanks, I'll look up the stuff on your list.
IMO, what one should take away from Taleb's lay audience books is how to think about risk. No typical investor should bother with reading Dynamic Hedging or any of the other option theory books of his short of being a pro, grad student or academic. If you are into value investing the other 3 I mentioned are must reads.
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Re: Investment Books

Post by parvus »

I read Taleb's first two books a couple of years ago. Still digging for the other three you mention (trying to find free pdfs -- hey, it's a form of entertainment).
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Re: Investment Books

Post by farco »

My bible is Security Analysis from Benjamin Graham & David L.Dodd.

I know that many consider it like something from another age good to put on a shelf, but nothing change and certainly not the Market irrationality :roll:

My second book is Stocks for the Long Run, but it has been already cited.
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Re: Investment Books

Post by Sleepy »

One book that I would add to the list is What I Learned Losing a Million Dollars by Jim Paul.

I think Taleb mentions it in his book Black Swan.
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Re: Investment Books

Post by BRIAN5000 »

Picked up a few books at the library while I was there reading the latest IR & SI.*

1. The Investment Zoo by Stephen A. Jarislowsky

Didn't like it not sure if I will finish it

2. The Idiot Millionaire

Loved it, big print small pages read most of it in about 15 minutes while waiting for a pizza

3. What Works on Wall Street

The wife laughed when she saw the size of this thing

Anyone got the "Coles Notes" version of this?
If I can get through some of this may make some IPS/portfolio changes, highest return sector with second lowest SD is the Consumer Staples sector
Worst sector Info Tech.




* Investment Reporter and Successful Investor
This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed
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Re: Investment Books

Post by DenisD »

BRIAN5000 wrote:Anyone got the "Coles Notes" version of this?
Many of the chapters are very similar. Once you've read a few, you can skim the rest.
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Re: Investment Books

Post by MALDI_ToF »

Although not a book, I like reading Buffett's annual letter to shareholders. Great information in there on investing in general and he is a great writer so they make a good read. And it is free and available on his website.
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