November 20, 2010 11:49 pm
I am newbie in this field. Can you ppl tell me some good books to start and get knowledge of stock exchange and related things?
1. The Intelligent Investor – Benjamin Graham.
2. Common Stocks and Uncommon Profits – Phil Fisher.
3. Super Stocks – Ken Fisher.
These are very good books for how to select stocks and their analyses.
4. Winning the Loser’s Game – Charles D Ellis
5. The Only 3 Questions That Count – ken Fisher.
These 2 books for how to make and allocate your investment strategy.
Following is my compilation of books for long term investment in stocks.
1. Learn to Earn: A Beginner’s Guide to the Basics of Investing and Business – by Peter lynch and John Rothchild. This i could say the best book so far i have read for the beginners. This book written in the background of introducing basics of investing and business to high school students. It discusses about companies around us, about capitalism, about basics of investing, various stages in a companies lives, about company’s CEOs etc.
Books based on indian context:
2. Stocks to Riches – parag parikh
3. Value Investing and Behavioral Finance – parag parikh
Books written by authors considered to be pioneers in the field of stock investment:
4. The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel – Benjamin graham. This book is the definitive read which implants the mentality among investors that when you are buying a stock you are not buying a piece of paper, essentially you are buying a part ownership of the company.
5.The Interpretation of Financial Statements – Benjamin graham
6. Common Stocks and Uncommon Profits and Other Writings – Phil fischer. This book talks about investing in growth companies and lists a checklist on how to evaluate a company and its management.
Books on people who practiced value investing with excellent track record:
Following are the 2 people who practiced Fundamental and Value Investment Strategies and achieved excellent compounded returns for the shareholders.
7. Essays of Warren Buffett : Lessons for Corporate America – by Warren E. Buffett and Lawrence A. Cunningham
8. The New Buffettology: The Proven Techniques for Investing Successfully in Changing Markets That Have Made Warren Buffett the World’s Most Famous Investor – Mary buffett
9. Warren Buffett and the Interpretation of Financial Statements: The Search for the Company with a Durable Competitive Advantage – Mary buffett
10. One Up On Wall Street : How To Use What You Already Know To Make Money In The Market – Peter lunch and John rothchild.
Hope it helps.
Some of the good books you can refer to are
A Random Walk Down Wall Street by Burton Malkiel.
Jeremy Siegel’s Stocks for the Long Run
Commonsense of Finance – Dr. Prasanna Chandra – get the basics of finance and accounts from here so that you understand concepts like P&L, B/ Sheet, write offs, taxation, etc.
Analysis for Financial Management by Robert Higgins.
Accounting Shenanigans – do not try to read it unless you are a CA or well versed with practical accounting..
Why Smart People Make Dumb Money Mistakes by Gary Belsky and Thomas Gilovich.
Parag Parikhs’ book on Behaviourial finance has brought some Indianness to this science! The book is called Stock to Riches.
Roger Lowenstein’s Making of an American Capitalist.
Benjamin Graham‘s The Intelligent Investor is a must-read. But it can be kind of painful for today’s kids who do not like to read about bond valuation. However, if you realise that bond valuation is the basis from which equity valuation evolves, you will appreciate this book better!
Phil Fisher – Common Stocks and Uncommon Profits
Speaking of Phil Fisher leads us to Ken Fisher – and his book “The Only 3 questions you need to know” is also an excellent book to read, and as useful as his father’s book. It clears a lot of cobwebs – turning the PE ratio is a useful example!
Peter Lynch‘s Beating the Street is the journal of a successful money manager, who is also a good communicator. CIOs should do their job well and also be able to communicate their skills and strategies.
You Can Be a Stock Market Genius by Joel Greenblatt –it’s relatively short, full of case studies, and engagingly written.
John Train‘s Money Masters of Our Time and The New Money Masters
Reminiscences of a Stock Operator – Edwin Lefevre. Reads like a pot boiler!
Seth Klarman‘s Margin of Safety.
Marty Whitman‘s The Aggressive Conservative Investor- I personally found this a difficult read!
David Dreman‘s Contrarian Investment Strategies.
Munger’s biography–Damn Right! by Janet Lowe. Personally found this difficult to read.
John Kenneth Galbraith’s A Short History of Financial Euphoria.
Devil Take the Hindmost by Edward Chancellor is a fantastic and in-depth history of manias through the ages.
Ron Chernow’s The House of Morgan
Peter Bernstein‘s 2 books – Capital Ideas & Against the Gods
The Money Game – Adam Smith
Michael Lewis’s 2 books: Liar’s Poker and Moneyball. Liked Liar’s Poker.
Roger Lowenstein’s When Genius Failed, which chronicles the rise and fall of the Long-Term Capital Management hedge fund in the late 1990s.
Bethany McLean’s The Smartest Guys in the Room,
Kurt Eichenwald’s Conspiracy of Fools
Robert Cialdini‘s Influence – good book on human behavior.
Fooled by Randomness, by Nassim Taleb, is more directly about finance, and is thought-provoking. Taleb explores how easily we confuse luck with skill, and the importance of knowing which is which. He has followed this with Black Swan. Frankly if you are planning to read, or have read Black Swan, his earlier book Fooled by Randomness becomes unnecessary.
Bruce Greenwald‘s Value Investing
Michael Porter‘s Competitive Strategy. Tough to read, reads like a typical textbook, but is useful if you are doing interviews of CEOs and CMOs of the world.
The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk – by William J Bernstein
Asset Allocation: Balancing Financial Risk by Roger C Gibson
Rich Dad Poor Dad – Robert Kiyasaki
Market Wizards – Jack D Schwager
The Warren Buffet Portfolio – Robert Hagstorm
Future for Investors – Jeremy Siegel
Common Sense on Mutual Funds – John Bogle
New Perspectives for the Intelligent Investor – John Bogle
The Art of Short Selling – Kathryn F Staley (never used the short strategy personally, caveat)
Barbarians at the Gate – Bryan Burrough and John Helyar
Beating the Dow – Michael O’Higgins and John Downes
Buffet – the Making of an American Capitalist – Roger Lowenstein
Extraordinary Popular Delusions and the Madness of Crowds – Charles Mackay
45 years in Wall street – WD Gann
Great crash of 1929 – J K Galbraith
How to lie with statistics – Darrell Huff
John Maynard Keynes (Volumes 1 and 2): Robert Skidelsky
Soros on Soros – George Soros with Byron Wien and Krisztina Koenen
Technical Analysis of Stock Trends – Robert D Edwards and John Magee
Think like a Tycoon – W G Hill
Where are the Customer’s Yachts – Fred Schwed Jr.
Source : http://www.subramoney.com/2008/03/investing-books-the-must-read-types/
“Understanding Stocks ” It is the good book to start with to get basic knowledge about stock market,
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