27 must-read books for investors - gurufocus.com

8/10/2019 27 Must-Read Books for Investors - GuruFocus.com

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27 Must-Read Books For Investors August 21, 2013 | About: BRK.A +0% BRK.B +0%

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“A truly good book teaches me more than to just read it. I must soon

lay it down, and commence living on its hint. What I began by reading, I

must finish by acting.” – Henry David Thoreau

“There are worse crimes than burning books. One of them is not

reading them.” – Ray Bradbury

The best place to start is by learning from others' mistakes and

success. These 27 investing books are sure to help you in the world of

investing, learning from the very best. I have been reading relentlessly

as I always do, but even more so now that the beautiful weather has arrived and my school

break is still in full effect. I have read a lot of books in the recent years, most related to

investing, psychology, business, (auto)biographies and economics; these are the ones thatcome to mind effortlessly.

My Personal Reading List

1) The Intelligent Investor by Benjamin Graham

2) Learn to Earn – Peter Lynch

3) One Up on Wall Street – Peter Lynch

4) Security Analysis – Benjamin Graham & David Dodd

5) Extraordinary Popular Delusions and the Madness of Crowds – Charles Mackay

6) Beating the Street – Peter Lynch

7) The Snowball: Warren Buffet and the Business of Life – Alice Schroeder

8) The Essays of Warren Buffet: Lessons for Corporate America – Warren Buffet & Lawrence

Cunningham

9) Common Stocks and Uncommon Profits – Phillip Fisher

10) Fooling Some of the People All of the Time: A long short story – David Einhorn

Tannor Pilatzke

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27 Must-Read Books for Investors - GuruFocus.com http://www.gurufocus.com/news/226614/27-mustread-books-f...

1 of 6 12/9/14 6:34 PM



12) Quality of Earnings - Thornton O'Glove

13) You Can Be a Stock Market Genius - Joel Greenblatt

14) Thinking Fast and Slow - Daniel Kahneman

15)Black Swan - Nassim Taleb

16) Street Smarts: Adventures on the Road and in the Markets – Jim Rogers

17) Boomerang: Travels in the New Third World – Michael Lewis

18) Antifragile: Things That Gain from Disorder – Nassim Taleb

19) A Mathematician Plays the Stock Market – John Allen Palos

20) The Big Short: Inside the Doomsday Machine – Michael Lewis

21) Wealth of Nations – Adam Smith

22) The Little Book That Still Beats the Market – Joel Greenblatt

23) The Big Secret for the Small Investor – Joel Greenblatt

24) Warren Buffett and the Interpretation of Financial Statements – Mary Buffett

25) Paths to Wealth Through Common Stocks – Phillip Fisher

26) Reminiscences of a Stock Operator - Edwin Lefevre

27) Soros on Soros: Staying Ahead of the Curve - George Soros

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About the author:

Tannor Pilatzke

I am a self taught investor through Warren Buffett, Charlie Munger, Ben Graham, Peter

Lynch, Joel Greenblatt, David Einhorn, Seth Klarman, Howard Marks, Phillip Fisher and

Thornton O'Glove. My focus is a bottoms up Value-GARP strategy with a mix of top down

contrarianism.

"When you find yourself on the side of the majority, it is time to pause and reflect." - Mark

Twain

Visit Tannor Pilatzke's Website

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2 of 6 12/9/14 6:34 PM



Cubsfan - 1 year ago

Great list - Greenblatt's books are my favorites.

I've just completed a new one you should look at - I think this one is similar to

"You Can Be a Stock Market Genius" - in that it has very practical and actionable

ideas

on where to look for value. It 's definitely in my Top 10.

The author is John Mihaljevic, the book is "The Manual of Ideas: The Proven

Framework for

Finding the Best Value Investments".

Tannor - 1 year ago

Thanks,

I agree and really enjoy Joel Greenblatt's writing. I have seen "The Manual of

Ideas: The Proven Framework for Finding the Best Value Investments" but have

not read it. I will check it out.

Thanks for the recommendation.

Hpmst3 - 1 year ago

e

Hpmst3 - 1 year ago

e

Tannor - 1 year ago

Awesome list I will definitely pick more than a few out to read. Is that all the

business books that you have read over the years. Extensive list to say the least!

Hpmst3 - 1 year ago

e

Hpmst3 - 1 year ago

e

Hpmst3 - 1 year ago

e

AlbertaSunwapta - 1 year ago

I've read a lot of investment books but to read all those above one would have to

abstain from having a life for quite a while.

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Batbeer2 - 1 year ago

'At some point you have to stop learning and start thinking'.

Brilliant!

Vgm - 1 year ago

To the above lists and suggestions, I'd add "When Money Dies: The nightmare of

deficit spending, devaluation and hyperinflation in Weimar Germany" by Adam

Ferguson

It was first published in 1975 and was re-published/rediscovered during the recent

crisis, gaining a certain cult status. It's a remarkable and dramatic read about how

a nation was destroyed by the (hyper)inflation which resulted from huge and

persistent deficit financing (quantitative easing).

I was surprised no-one mentioned "The Outsiders" by WN Thorndike. Strongly

recommended by Buffett. I learned a great deal about the workings of great

businesses from it.

I've heard alot of good things about the John Mihaljevic (Manual of Ideas) book

mentioned by Cubsfan above and look forward to reading it.

Thanks for the stimulation, Tannor!

Tannor - 1 year ago

No problem and thanks for the recommendations Vgm. I agree that those are very

large lists but some interesting reads my be hand picked.

I love the quote above, "At some point you must stop learning and start thinking."

Only so much can be read the rest must be learned through experience andprocess.

Vgm - 1 year ago

It might be worth observing that reading and thinking are not necessarily mutually

exclusive.

At one extreme, we can read simply to understand content. On a more profound

level, we can read with a view to really absorbing concepts on a much deeper

level, fully appreciating them and becoming aware of how we might apply them. A

fertile mind will be creating (ie, thinking) as it reads.

The application of those deeply ingrained concepts then becomes all the more

powerful when we do apply them to real life situations - investing in this case.

Correspondingly, if we read superficially, the application will likewise be superficial

when we do start to "think" and we will have limited ourselves.

Parodying Buffett, I might even say that reading and thinking are joined at the hip!


>> It might be worth observing that reading and thinking are not necessarily

mutually exclusive.

Yes. Then again, I believe there are too many people who memorise books and

use that as a substitute for thinking. The results can be disastrous.

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4 of 6 12/9/14 6:34 PM



Koheleth - 1 year ago

Amen.

Read, observe and learn. Always learning, but learn to think. Take time to think. And act (or not).

As another classic puts it:

"And furthermore, my son, be admonished: of making many books there is no end;

and much study is a weariness of the flesh." (Ecclesiastes 12:12)

Vgm - 1 year ago

"there are too many people who memorise books and use that as a substitute for

thinking."

Batbeer -- Yes, agreed, and I was very careful not to talk about "memorising" but

rather to stress the concept of 'thinking deeply' to really understand and absorb

underlying concepts to then be able to apply them. Memorising may get us through

exams in school, but never through life. It's quite distinct from thinking.

Vgm - 1 year ago

"Most people would rather die than think; many do."

Bertrand Russell


>> "And furthermore, my son, be admonished: of making many books there is no

end; and much study is a weariness of the flesh." (Ecclesiastes 12:12)"

LOL, thanks!

Hpmst3 - 1 year ago

e

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