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Charlie Munger believes it is impossible to become a great investor without reading a tremendous amount over the course of your life. Here is a list of books Paul believes are important to the development of a great investor:
General Topics Nassim Nicholas Taleb, The Black Swan, (New York, NY, Random House, 2007) Robert G. Hagstrom, Investing: The Last Liberal Art, (New York, NY, Texere, LLC, 2000) Nassim Nicholas Taleb, Fooled by Randomness: The Hidden Role of Change in the Markets and in Life, (New York, NY, Texere, LLC, 2001) Michael Lewis, Moneyball, (New York, NY, W.W. Norton & Company, Inc., 2003) Ben Mezrich, Bringing Down the House, (New York, NY, Free Press, a Division of Simon & Schuster Inc., 2002) John Maynard Keynes, The General Theory of Employment, Interest, and Money, (Amherst, NY, Prometheus Books, 1997) - particularly Chapter 12. Michael J. Mauboussin, More Than You Know: Finding Financial Wisdom in Unconventional Places, (New York, NY, Columbia University Press, 2006) Geoffrey A. Moore, Paul Johnson and Tom Kippola, The Gorilla Game: Picking Winners in High Technology, (New York, NY, HarperCollins Publishers, 1999)
Capital Markets James Surowiecki, The Wisdom of Crowds, (New York, NY, Random House, Inc., 2004) Scott Page, The Difference: How the Power of Diversity Creates Better Groups, Firms, Schools, and Society, (Princeton, NJ, Princeton University Press, 2007) Roger Lowenstein, When Genius Failed, (New York, NY, Random House, Inc., 2000) Benoit Mandelbrot, The Misbehavior of Markets, (New York, NY, Basic Books, 2004) Richard Bookstaber, A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation,
Corporate Strategy Bruce C. N. Greenwald and Judd Kahn, Competition Demystified: A Radically Simplified Approach to Business Strategy, (New York, NY, Portfolio Hardcover, 2005) Michael Porter, Competitive Advantage: Creating and Sustaining Superior Performance, (New York, NY, Free Press, 1998)
Valuation Alfred Rappaport and Michael J. Mauboussin, Expectations Investing, Reading Stock Prices for Better Returns, (Boston, MA, Harvard Business School Press, 2001) John Burr Williams, The Theory of Investment Value, (Flint Hill, Virginia, Fraser Publishing Company, 1997)
Money Management Bruce C. N. Greenwald, Judd Kahn, Paul D. Sonkin and Michael van Biema, Value Investing, From Graham to Buffett and Beyond, (New York, NY, John Wiley & Sons, Inc., 2001) Benjamin Graham, Intelligent Investor (revised edition), (New York, NY, Harper-Collins, 2003) Joel Greenblatt, The Little Book that Beats the Market, (New York, NY, John Wiley & Sons, Inc., 2005) Joel Greenblatt, You Can be a Stock Market Genius, (New York, NY, Fireside, 1999) Philip A. Fisher, Common Stocks and Uncommon Profits, (New York, NY, John Wiley & Sons, Inc., 2001) Robert Hagstrom, The Warren Buffett Portfolio: Mastering the Power of the Focused Investment Stratgey, (New York, NY, John Wiley & Sons, Inc., 1999) William Poundstone, Fortune's Formula, (New York, NY, Hill and Wang, 2006)
Risk Peter Bernstein, Against the Gods: The Remarkable Story of Risk, (New York, NY, John Wiley & Sons, Inc., 1998) Michael Kaplan and Ellen Kaplan, Chances Are, (New York, NY, Pequin, 2007)
Forensics Howard Schilit, Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports, (New York, NY, McGraw-Hill, 2002)
Decision Making for Investing Robert Caldini, Influence: The Psychology of Persuasion, (New York, NY, Harper-Collins, 1998) J. Edward Russo and Paul J.H. Schoemaker, Winning Decisions: Getting it Right the First Time, (New York, NY, Currency, 2001) Carol Tavris, Mistakes Were Made (But Not by Me): Why We Justify Foolish Beliefs, Bad Decisions, and Hurtful Acts, Jason Zweig, Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich, Dan Ariely, Predictably Irrational: The Hidden Forces That Shape Our Decisions, Robert A. Burton, MD, On Being Certain: Believing You Are Right Even When You're Not, Richard H. Thaler and Cass R. Sunstein, Nudge: Improving Decisions About Health, Wealth, and Happiness, Phil Rosenzweig, The Halo Effect: ... and the Eight Other Business Delusions That Deceive Managers, (New York, NY, Harper-Collins, 1998) Georges Charpak and Henri Broch, Debunked (New York, NY, ) Thomas Lewis, M.D., Fari Amini, M.D., Richard Lannon, M.D., A General Theory of Love, (New York, NY, Vintage Books, A Division of Randon House, Inc., 2001)
Economics - Particularly Microeconomics Tim Harford, The Logic of Life: The Rational Economics of an Irrational World, Tim Harford, The Undercover Economist: Exposing Why the Rich Are Rich, the Poor Are Poor--and Why You Can Never Buy a Decent Used Car!,
Miscellaneous Books to Improve One’s Thought Process Deborah J. Bennett, Randomness, (Cambridge, MA, Harvard University Press, 1999) Jeremy Bernstein, Cranks, Quarks, and the Cosmos, (New York, NY, BasicBooks, A Division of HarperCollins Publishers, Inc., 1993) - particularly Chapter 1. Stephen Jay Gould, Full House: The Spread of Excellence from Plato to Darwin, (New York, NY, Three Rivers Press, 1997) Deirdre N. McCloskey, If You’re So Smart: The Narrative of Economic Expertise, (Chicago, IL, The University of Chicago Press, 1992) Leonard Mlodinow, Feynman's Rainbow, (New York, NY, Warner Books, 2004) - Feynman was an excellent teacher and offers great insight into "thinking" clearly. He also is an excellent guide on what we can and cannot know about a situation.
Biographies Roger Lowenstein, Buffett: The Making of a American Capitalist, (New York, NY Janet Lowe, Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger, (New York, NY, John Wiley & Sons, Inc., 2000) Charles T. Munger, The Wit and Wisdon of Charles T. Munger, (Donning Company Publishers, 2005) Janet Lowe, Benjamin Graham on Value Investing: Lessons from the Dean of Wall Street Benjamin Graham, The Memoirs of the Dean of Wall Street, (New York, NY, McGraw-Hill, 1996)
Classics Benjamin Graham, Security Analysis, (New York, NY, McGraw-Hill, 1996)
Just Great Books Jonathan Haidt, The Happiness Hypothesis, (New York, NY, Basic Books, 2006) Matthieu Ricard, Happiness: A Guide to Developing Life's Most Important Skill, Mark Haddon, the curious incident of the dog in the night-time, (New York, NY, Vintage, 2004) Greg Mortenson, Three Cups of Tea: One Man's Mission to Promote Peace . . . One School at a Time,
This page was last updated on 06/01/08. |