August 29, 2010 –
I think it's very dangerous to invest based on economic outlook. [more]
August 19, 2010 –
If you are looking for investing books to read, here's a list of some of my favorites. If you are new to investing, I've kind of put them in an order that I think would make sense to read them, but feel free to pick and choose whatever interests you. And I've grouped them into bottom-up and top-down books. You could start with a couple bottom-up books, then read a couple top-down books or something.
These books are more "bottom-up" - they deal more with individual stocks and fundamental analysis:
One Up On Wall Street by Peter Lynch - Entertaining and quick read, probably every investor has read this book
The Little Book That Beats the Market by Joel Greenblatt - Easy read and informative about basics
Little Book That Builds Wealth by Pat Dorsey - You can skip this if you read 5 rules (below) since this is basically a condensed version. But it's is still good, reading both wouldn't hurt.
5 Rules For Successful Stock Investing by Pat Dorsey - This is the best investing book I've read by far. Goes in-depth into topics like competitive advantage, economics of different industries, and valuation.
You Can Be a Stock Market Genius by Joel Greenblatt - Great book, despite the cheesy title. Special situations investing. More short-term value investing strategies.
The Little Book of Value Investing by Christopher H. Browne - Decent book about value investing, some good examples and ideas.
The Intelligent Investor by Benjamin Graham - written by the "Father of Value Investing", mentor of Warren Buffett. Old book so not as readable, but still relevant.
These books are more "top-down", talk more about the overall market and broad sectors:
Stocks For The Long Run by Jeremey Siegel - Some history of the stock market, some great stats
A Random Walk Down Wall St. by Burton Malkiel - An important book because the Efficient Market Hypothesis is so prevalent. I disagree with it, but it has some good arguments.
The Future For Investors by Jeremey Siegel - Another good top-down book, dealing with what's worked in the past and what will work in the future.
The Only Three Questions That Count by Ken Fisher - Deals more with economics than the other books. Pretty interesting stuff, though some of it is a bit controversial.
More Than You Know by Michael J. Mauboussin - I don't even remember, it talked about so many different topics. Good stuff though.
Value Investing: Tools and Techniques for Intelligent Investment by James Montier - Spends half the time ripping on EMT, so you can contrast it with Random Walk. Other half is spent discussing value stocks from a statistical, top-down view. [more]
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