Book Recommendations

THE INTELLIGENT INVESTOR

"I have been accused of telling all my secrets. I have written a number of books, and I reveal them all in these books" Benjamin Graham

"By far the best book on investing ever written" Warren Buffett

"A marvellous articulation of this idea [Mr. Market] is contained in chapter two (The Investor and Stock Market Fluctuations) of Benjamin Graham’s 'The Intelligent Investor'. In my opinion, this chapter has more investment importance, than anything else that has been written.” Warren Buffett

"Since 1993, the cornerstone of our investment philosophy is based on Benjamin Graham’s book 'The Intelligent Investor', first published in 1949" Francois Rochon

"I read The Intelligent Investor. Right away, I Said, "Voila!, this is the investment concept I've been looking for" Jean-Marie Eveillard

"I can’t remember what I paid for that first copy of The Intelligent Investor. Whatever the cost, it would underscore the truth of Ben’s adage: Price is what you pay, value is what you get. Of all the investments I ever made, buying Ben’s book was the best (except for my purchase of two marriage licenses)." Warren Buffett

ESSAYS OF WARREN BUFFETT

"I have read everything I could on Buffett. He is our business/investment role model" Frank Martin

“I think I have read almost everything Warren Buffett has written and I agree with more than 95% of his thinking” Lee Ainslee, Maverick Capital

“You should read the Berkshire Hathaway ‘Letters to Shareholders’ which are on the Berkshire website so they are free. That will be a great start” Mohnish Pabrai, Pabrai Funds

"By far, the best investor of all time is Warren Buffett. I have read everything I could find (past and present) about him" Francois Rochoin

"Going back and reading Berkshire Hathaway annual reports is worth the time" Arnold Van Den Berg

"In my opinion, Warren Buffett’s group of annual letters is the best teaching anyone could find in the history of business." Francois Rochon 

"I started reading [Buffett’s shareholder letters etc.] and I’ve read over the years, just about everything, I think, Warren’s put out there." Ted Weschler

THE MIND OF WALL STREET

"Personal biographies, the histories, are the most interesting. I have Benjamin Graham’s personal biography, also the biography of Leon Levy, The Mind of Wall Street. These are all great. It’s not that they’re uncovering something that no one knows about, but these are personal stories about things that they actually experienced in the investment world. How did they deal with the 1973 to 1974 bear market? What did they invest in that worked? What did they invest in that didn’t work? What were the mistakes they made? What did they learn? You’re basically absorbing all of this knowledge that’s out there and you can learn from it and apply it to your own experiences." Chris Mittleman

MARGIN OF SAFETY

“I had very few actual mentors in this business because I didn’t really know anyone. I bought Seth Klarman’s book Margin of Safety which was published my first year of business school.” Bill Ackman, Pershing Square

"Seth Klarman's 'Margin of Safety' is a good book about risk" Arnold Van Den Berg

BEATING THE STREET

"Peter Lynch's books have some great insights [and] would be great for anyone to read" Julian Robertson

"In 1992, I bought the book 'One Up one Wall Street' by Peter Lynch. I read it in a few hours and it was an unforgettable night. With “The intelligent investor”, by Benjamin Graham, this book is likely
one of the best written on investment. I discovered in it a passion for the stock market which has never left me since" Francois Rochon

THE DAVIS DYNASTY

"One of the great investors I've tried to learn from is Shelby Davis" Thomas Gayner

“When John Rothchild combines history and biography with investing in one package, history illuminates the biography and investing, biography illuminates the history and investing, and investing illuminates the history and biography. This is a sparkling book on each level, but even more so as an adroitly mixed cocktail of all three.” Peter Bernstein

YOU CAN BE A STOCK MARKET GENIUS

“Joel Greenblatt wrote probably the best book ever ’You can be a Stock Market Genius” Dan Loeb

"Joel Greenblatt's 'You Can be a Stock Market Genius' is tactical and includes some very specific and interesting strategies" Seth Klarman

POOR CHARLIE'S ALMANAC

"Poor Charlie’s Almanac - I rate that as the best book I’ve ever read. If your looking for one book, Poor Charlie’s Almanack is loaded with a lot of wisdom. If you spend some time on that book, it’s pretty much all the wisdom picked up in 82 years of living, so there’s a lot of it digested and condensed in that book” Mohnish Pabrai, Pabrai Funds

"Another book that should be in the hall of fame is Poor Charlie’s Almanack by Peter D. Kaufman. This book is about Charlie Munger, the long-term business partner of Warren Buffett. This great book goes well beyond the field of finance and into philosophy and life values. It highlights the extraordinary mind of Charlie Munger, and I can guarantee hours of fun" Francois Rochon

ALCHEMY OF FINANCE

“And then I read The Alchemy of Finance because I’d heard about this guy Soros. And when I read The Alchemy of Finance, I understood very quickly that he was already employing an advanced version of the philosophy I was developing in my fund” Stanley Druckenmiller, Duquesne Capital

"There are a few books - really not that many which I believe are indispensable reading for every serious investor in whatever facet of investment practice they may favour - The Alchemy of Finance" Peter Cundill

"The Alchemy joins Reminiscences of a Stock Operator as a timeless instructional guide to the marketplace" Paul Tudor Jones

COMMON STOCKS AND UNCOMMON PROFITS

"I am an eager reader of whatever Phil has to say, and I recommend him to you" W Buffett

"I owe a lot to Mr Fisher. He wrote books out of pure altruism (he was already wealthy at that time) to simply share his experience with us. I thanked him then and I thank him again. Giverny Capital owes a part of its existence to him" Francois Rochon

"I sought out Phil Fisher after reading his 'Common Stocks and Uncommon Profits'. When I met him, I was impressed by the man and his ideas. A thorough understanding of a business, by using Phil's techniques … enables one to make intelligent investment commitments" W Buffett

"I always like it when someone attractive to me agrees with me, so I have fond memories of Phil Fisher" Charlie Munger

"The late Philip Fisher wrote several books that are very good [including] Common Stocks and Uncommon Profits" A Van Den Berg

"A book that ranks behind only 'The Intelligent Investor' and 'Security Analysis' in the all-time best list for the serious investor" Warren Buffett

SPECULATIVE CONTAGION

"For many years I've enjoyed reading Frank Martin's letters. This collection contains much investment wisdom and, just as important, sets a standard for advisor-client relationship" Warren Buffett

"What a unique opportunity to traverse the Bubble and post-Bubble years with Frank Martin, exactly as he described them to his clients in real time. Here is market history from the disciplined perspective of a value investor, as he wrestles with the financial beast. Speculative Contagion is sure to enlighten aspiring value investors for years to come" Seth Klarman

THE ART OF SPECULATION

"The oldest book in my hall of fame is not The Intelligent Investor, but The Art of Speculation by Philip Carret. The book was published in 1930 at a time when stock investing was still labelled as “speculation.” The book is really about investing and the best part in the book is the “12 Commandments". Francois Rochon

THE BATTLE OF INVESTMENT SURVIVAL

“The second book I read as a young investor was Gerald Loeb’s Battle for Investment Survival, first published in 1934, the same year Ben Graham’s seminal Security Analysis hit the bookstores, which was my first. Both backward looking, they poignantly explained to the reader what one should not do in heady times; that is, they were of no value for those who had been wiped out by the time the books were originally published. When treasure troves of wisdom and experience are most needed, perhaps even today, they are least sought after. Graham’s 1934 edition is ranked No. 81,165 on Amazon’s bestseller list. We consider that information a powerful and easily obtained competitive advantage. If everyone is thinking alike (i.e., they are not studying Graham), then somebody isn’t thinking. No dust is gathering on our treasured copies of Graham’s ’34 edition.” Frank Martin

ONE UP ON WALL STREET

"I came across a book titled 'One up on Wall Street' by Peter Lynch. I found it so exciting I read it straight into the night. I have found the the book to be, along with Bengamin Graham's 'The Intelligent Investor', the best ever written on investment. The book helped me discover a passion for the stock market that has never left me" Francois Rochon

"I still remember when the book came out in 1989, and I read a review in BusinessWeek. I went out and bought it, and it changed my life forever" Francisco Garcia Parames

SO FAR, SO GOOD: THE FIRST 94 YEARS

"Roy never fails to amuse and enlighten. Over the years, he's taught me many things I didn't know I didn't know" Jim Rogers

"I sometimes reread older books like “So Far, So Good - the First 94 Years,” written by Roy Neuberger in 1997. It always fascinates me how things are basically the same on Wall Street. Sound principles do not change. And so is human nature towards money and markets." Francois Rochon

PATHS TO COMMON WEALTH

"I’ve read all of Mr. Fisher’s books. There is a chapter in "Path to wealth through common stocks" that I want to recommend because few investors have heard about it ("How the greatest rise in stock prices comes about"). This book – I believed – has never been republished since its first edition in 1960; it is almost a historical treasure. And you would not believe how long I searched for it. Even Mr. Fisher could not help me find a copy." Francois Rochon

FOOLED BY RANDOMNESS

"Fooled by Randomness - I consider it one of the most important books an investor can read" Howard Marks

"Fooled by Randomness is a serious, intellectually sophisticated book, well worth reading carefully. At times, the book is condescending as though the author had discovered the holy grail of investing. There ain't no holy grail, and the cosmopolitan tone can be somewhat off-putting. Nevertheless, there are some great insights" Barton Biggs

INFLUENCE

"Academic psychology has some very important merits alongside its defects. I learnt this eventually, in the course of general reading, from a book, 'Influence', aimed at a popular audience, by a distinguished psychology professor, Robert Cialdini… I immediately sent copies of Cialdini's book to all my children. I also gave a share of Berkshire stock [A share] to thank him for what he had done for me and the public" Charlie Munger

"Fairly late in life I stumbled into this book, Influence, by a psychologist named Bob Cialdini.. Well, it’s an academic book aimed at a popular audience that filled in a lot of holes in my crude system. In those holes it filled in, I thought I had a system that was a good-working tool" Charlie Munger

"There are a couple of valuable resources when it comes to behavioral biases: Cialdini's work on the influence of psychology in human decisions and Charlie Munger’s speech on the “Psychology of Human Misjudgment.” Christopher Begg

LATTICEWORK

"I’d recommend reading Robert Hagstrom’s outstanding book, Latticework" Mohnish Pabrai

GROUPTHINK

“One of my favourite books, Groupthink by Irving Janis, breaks down how small, cohesive groups of very smart people can make very bad decisions.” Adam Weiss, Scout Capital

"Years ago Irving Janus, a Yale psychologist, wrote a wonderful little book called Groupthink, which compellingly highlights its dangers. It is full of fascinating case studies of the phenomenon, but the book never sold and is now out of print" Barton Biggs

THINKING FAST AND SLOW

“Daniel Kahneman, a psychologist who won the Nobel Prize in Economic Sciences for his work that challenged a rational model of judgement and decision-making, recently published a remarkable account of his intellectual journey; Thinking Fast and Slow” Seth Klarman, Baupost Group

“I just read Daniel Kahneman’s Thinking, Fast and Slow, and I think that he and the late Amos Tversky are some of the great behavioural scientists. Since nobody in our industry thinks about this very much, I think about it a lot” Frank Martin, Martin Capital Management

"Daniel Kahneman’s books should be read" Charles de Vaulx

MAN'S SEARCH FOR MEANING

“I have been deeply influenced by the existentialist and eminent psychiatrist Viktor Frankl, who wrote the perennial best seller Man’s Search for Meaning (one of the most influential books I’ve ever read and reread) after being imprisoned in Auschwitz and other concentration camps for three years during World War II” Frank Martin

REMINISCENCES OF A STOCK OPERATOR

"It is a textbook for trading. I hand a copy to every new trader we have" Paul Tudor Jones

“When I was 17 I was backpacking across Europe. I was in Rome and had run out of books to reads. I went to a local open market where there was a book vendor, and literally, the only book they had in English was Reminiscences of a Stock Operator. It was an old tattered copy. I still have it. It’s the only possession in the world I care about. The book is amazing. It brought everything in my life together” Colm O’Shea

“As the book states very early on, there is nothing new under the sun in the art of speculation, and everything that was said then completely applies to the markets of today. My guess is that the same will hold true for time eternal as long as man’s basic emotions remain intact” Paul Tudor Jones

“The finest trading book ever written is Reminiscences of a Stock Operator by Edwin LeFevre. This book is not a “how I made a billion in the stock market” nauseating ego trip or self-serving fiction. Instead it is colloquial reminiscences by a legendary speculator of the mistakes and lessons he learned over a trading lifetime” Barton Biggs

“Reminiscence of a Stock Operator is a book that up until a couple of years ago I read every year because it is such a great lesson in psychology, how psychology works through the markets and how markets behave” Bill Miller

“Everyone had to read, because its such great history, Edwin Lefevre’s Reminiscences of a Stock Operator” Dan Loeb

THE TRUE BELIEVERS

“My favourite book to recommend is The True Believers: Thoughts on the Nature of Mass Movements by Eric Hoffer. There is no discussion about investing, but in my opinion it is extremely helpful in understanding markerts. It conveys the nature of human mass behaviour – how people act as a group” Joe Rosenberg, Loews Corporation

THE POWER OF HABIT

"I love his [Charles Duhigg's] book. By the way I got his book and gave it to everyone in the company [Bridgewater]" Ray Dalio

EXTRAORDINARY POPULAR DELUSIONS AND THE MADNESS OF CROWDS

“Some years ago a friend gave me a copy of Extraordinary Popular Delusions. In a vage way I had been familiar with the stark facts of these events, as who is not? But I did not know .. the astonishing circumstances of each of the greater delusions of earlier eras” Bernard Baruch

"The first couple of chapters of this book, which describes in detail the great financial and stock market manias of the eighteenth century, are essential reading for all serious investors" Barton Biggs

THE OUTSIDERS

"An outstanding book about CEO's who excelled at capital allocation" Warren Buffett

“A book like the Outsiders is a good example of what I like to read. It uses eight case studies to illustrate how unconventional managers can make a huge difference in creating per share value for shareholders’ Wally Weitz, Weitz Investment Management

THE MONEY GAME

“For a magnificent account of the current financial scene, you should hurry out and get a copy of “The Money Game” by Adam Smith. It is loaded with insights and supreme wit” Warren Buffett, Partnership Letter 1968

"One of the great books about investing is Adam Smith's 'The Money Game' which was published in 1967" Barton Biggs

AGAINST THE GODS

"In his wonderful book, Against the Gods, Peter Bernstein shows how development of the study of probability made possible both informed gambling and informed investing (along with other forms of decision making concerning the future)" Howard Marks

"I think some of the books that are a must would be Peter Bernstein’s book about risk, Against the Gods: The Remarkable Story of Risk." Charles de Vaulx

THE CROWD - A STUDY OF THE POPULAR MIND

“The Crowd, written in 1895 by Gustave Le Bon, is probably the most instrumental book in framing my ability to go against the grain of conventional thought and not feel insecure” Frank Martin, Martin Capital Management

"There are a few books - really not that many which I believe are indispensable reading for every serious investor in whatever facet of investment practice they may favour - The Crowd: A Study of the Popular Mind by Gustave Le Bon" Peter Cundill

THE SILO EFFECT - THE PERIL OF EXPERTISE AND PROMISE OF BREAKING DOWN BARRIERS

"Gillian Tett's new book the Silo Effect, a thoughtful discussion of the downside of narrow specialisation" Seth Klarman

THE RATIONAL OPTIMIST

“Matt Ridley’s book The Rational Optimist is a great chronicle of the evolution of development of different societies, the industrial revolution and now the technology and communications revolution” Frank Martin