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Value Investing for beginning & small time investors and the value investing strategies of Graham & Klarman

Value Investing Books

Value Investing Books Worth Reading

These are books that I think are essential to understanding value investing. I have listed them by author because I couldn’t think of a more creative manner of laying them out. There will be some controversial books in here. I believe in having opposing ideas to my own in my library and to read them before the books I agree with.

And yes I have read them all. Well maybe not, Security Analysis all the way through.

Barton Biggs – A hedge Fund Manager

[easyazon-image align=”none” asin=”0470474793″ locale=”us” height=”75″ src=”http://ecx.images-amazon.com/images/I/51j3%2BicGTrL._SL75_.jpg” width=”48″] [easyazon-link asin=”0470474793″ locale=”us”]Wealth, War and Wisdom[/easyazon-link] – A hedge Fund Manager’s view of how to invest in catastrophic situations like war. Very sobering.

Robert Bruner, Sean Carr

[easyazon-image align=”none” asin=”0470452587″ locale=”us” height=”75″ src=”http://ecx.images-amazon.com/images/I/51h68Ar6lhL._SL75_.jpg” width=”50″] [easyazon-link asin=”0470452587″ locale=”us”]The Panic of 1907: Lessons Learned from the Market’s Perfect Storm[/easyazon-link] – Yes there were financial crisises before now, and even before the Crash of 1929. This was a story of a different time, with different solutions, but with many of the same problems.

John Cassidy- Don’t know his background but balanced ideas

[easyazon-image align=”none” asin=”0312430043″ locale=”us” height=”75″ src=”http://ecx.images-amazon.com/images/I/41vjgt2COiL._SL75_.jpg” width=”50″] [easyazon-link asin=”0312430043″ locale=”us”]How Markets Fail: The Logic of Economic Calamities[/easyazon-link]-  Very informative. I am thinking of re reading it. It is vital to understand the down side.

Ha-Joon Chang – The non free market Korean.

[easyazon-image align=”none” asin=”1596915986″ locale=”us” height=”75″ src=”http://ecx.images-amazon.com/images/I/51pDum6hcwL._SL75_.jpg” width=”49″] [easyazon-link asin=”1596915986″ locale=”us”]Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism[/easyazon-link] Interesting read. It is right on in comparing government ineffeciency to big corporate ineffeciency. Beauracracy is beauracracy.

Niall Ferguson

[easyazon-image align=”none” asin=”0143116177″ locale=”us” height=”75″ src=”http://ecx.images-amazon.com/images/I/51VivZak-TL._SL75_.jpg” width=”49″] [easyazon-link asin=”0143116177″ locale=”us”]The Ascent of Money: A Financial History of the World[/easyazon-link] – The title does sort of spell it out. It is good to understand how what we call finance developed.

 

Joel Greenblatt – A hedge fund manager/writer with a great sense of humor

[easyazon-image align=”none” asin=”0385525079″ locale=”us” height=”75″ src=”http://ecx.images-amazon.com/images/I/41kXcBCysmL._SL75_.jpg” width=”49″] [easyazon-link asin=”0385525079″ locale=”us”]The Big Secret for the Small Investor: A New Route to Long-Term Investment Success[/easyazon-link] – Interesting Idea for value investing. Essentially it redefines how passive investing could work.

[easyazon-image align=”none” asin=”0470624159″ locale=”us” height=”75″ src=”http://ecx.images-amazon.com/images/I/51fW63yapeL._SL75_.jpg” width=”53″] [easyazon-link asin=”0470624159″ locale=”us”]The Little Book That Still Beats the Market (Little Books. Big Profits)[/easyazon-link]- This is where the Magic Formula Investing came from. Well the first addition, when the back testing seemed to work better. I have had some success selecting some stocks from this universe.

[easyazon-image align=”none” asin=”0684840073″ locale=”us” height=”75″ src=”http://ecx.images-amazon.com/images/I/51prCiRXpVL._SL75_.jpg” width=”47″] [easyazon-link asin=”0684840073″ locale=”us”]You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits[/easyazon-link]- Dumbest title, but the best book written on understanding special situation investments.

 

Benjamin Graham- the Godfather of Value Investing

[easyazon-image align=”none” asin=”0060555661″ locale=”us” height=”75″ src=”http://ecx.images-amazon.com/images/I/41rcIrKhYiL._SL75_.jpg” width=”50″] [easyazon-link asin=”0060555661″ locale=”us”]The Intelligent Investor: The Definitive Book on Value Investing.[/easyazon-link]. Warren Buffett called it the best book on investing every written.

[easyazon-image align=”none” asin=”0071448209″ locale=”us” height=”75″ src=”http://ecx.images-amazon.com/images/I/51jk-rpndQL._SL75_.jpg” width=”49″] [easyazon-link asin=”0071448209″ locale=”us”]Security Analysis: The Classic 1951 Edition[/easyazon-link].  The must read book that doubles a door stop. It IS worth reading, but few people actually do read it.

Roger Lowenstein

[easyazon-image align=”none” asin=”0375758259″ locale=”us” height=”75″ src=”http://ecx.images-amazon.com/images/I/515NGtmpLAL._SL75_.jpg” width=”49″] [easyazon-link asin=”0375758259″ locale=”us”]When Genius Failed: The Rise and Fall of Long-Term Capital Management[/easyazon-link] – The Rise and Fall of Long Term Capital. It is a cautionary tale about the use of models in investing

James Montier- one of the pithy behavioral finance economists worth reading.

[easyazon-image align=”none” asin=”0470686022″ locale=”us” height=”75″ src=”http://ecx.images-amazon.com/images/I/51%2BP%2B-8s7AL._SL75_.jpg” width=”53″] [easyazon-link asin=”0470686022″ locale=”us”]The Little Book of Behavioral Investing: How not to be your own worst enemy (Little Books, Big Profits (UK))[/easyazon-link]- Lays out the basics of behavioral finance.

Carman Rinehart, Kenneth Rogoff- Academics with the weight of history on their side.

[easyazon-image align=”none” asin=”0691152640″ locale=”us” height=”75″ src=”http://ecx.images-amazon.com/images/I/41xiuMKzuHL._SL75_.jpg” width=”48″] [easyazon-link asin=”0691152640″ locale=”us”]This Time Is Different: Eight Centuries of Financial Folly[/easyazon-link]- Everyone who is investing right now needs to have read this. We are not out of the woods yet according to history, there is plenty of pain to come.

 

Nouriel Roubini- Dr. Doom is hard to ignore.

[easyazon-image align=”none” asin=”B005DI8452″ locale=”us” height=”75″ src=”http://ecx.images-amazon.com/images/I/51Hy2F8bphL._SL75_.jpg” width=”48″] [easyazon-link asin=”B005DI8452″ locale=”us”]Crisis Economics: A Crash Course in the Future of Finance[/easyazon-link]- Read it because he was right about the last crash. I am not sure I agree with all his conclusions.

Peter Schiff- A gold bug who is big self promotor

[easyazon-image align=”none” asin=”111815200X” locale=”us” height=”75″ src=”http://ecx.images-amazon.com/images/I/51iRbbgHR2L._SL75_.jpg” width=”50″] [easyazon-link asin=”111815200X” locale=”us”]Crash Proof 2.0: How to Profit From the Economic Collapse[/easyazon-link] – Although I don’t agree with all his conclusions, it is important to understand the gold bug perspective. He gets it right about diversifing out of only US dollar denominated assets.

Jeremy Siegel – Academic Support for buying stocks

[easyazon-image align=”none” asin=”0071494707″ locale=”us” height=”75″ src=”http://ecx.images-amazon.com/images/I/51PiILHCSTL._SL75_.jpg” width=”56″] [easyazon-link asin=”0071494707″ locale=”us”]Stocks for the Long Run: The Definitive Guide to Financial Market Returns & Long Term Investment Strategies, 4th Edition[/easyazon-link]- This book has a lot of research behind it. And it is one of the books used most often to justify why stocks should have a better return over time. But there is some flawed logic in it. If you invest in cyclical bear market it is likely that you will not see any growth for a decade in your portfolio. Many analysts believe we are in such a bear market now.

Nassim Nicholas Taleb- the only man who seems to understand probability

[easyazon-image align=”none” asin=”081297381X” locale=”us” height=”75″ src=”http://ecx.images-amazon.com/images/I/41CeS0f8VPL._SL75_.jpg” width=”49″] [easyazon-link asin=”081297381X” locale=”us”]The Black Swan: Second Edition: The Impact of the Highly Improbable: With a new section: “On Robustness and Fragility”[/easyazon-link] – Catchy title and a terrific exploration of the problem of induction.

[easyazon-image align=”none” asin=”1400067936″ locale=”us” height=”75″ src=”http://ecx.images-amazon.com/images/I/41DKbqY1yVL._SL75_.jpg” width=”49″] [easyazon-link asin=”1400067936″ locale=”us”]Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets[/easyazon-link]- For my money a better book than The Black Swan. great on understanding of Luck in investing.

Addison Wiggin, WIlliam Bonner- Lefties get on the global depression Act.

[easyazon-image align=”none” asin=”047048327X” locale=”us” height=”75″ src=”http://ecx.images-amazon.com/images/I/41YHldeHgmL._SL75_.jpg” width=”50″] [easyazon-link asin=”047048327X” locale=”us”]Financial Reckoning Day Fallout: Surviving Today’s Global Depression [/easyazon-link]- O.k, so maybe they have an agenda. And depression became Soft Depression, but they aren’t all wrong.

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