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Investment Books

The following books are recommended reading for those who want to think like a professional investor. I do not recommend these books lightly! I have read all of them and recommend them because they contain wisdom that has provided me with enlightenment and improved my trading.

A brief review is included with each book to help you judge which are best for you. You may notice that not all the titles are directly related to investing. Successful investing entails understanding the macro situation, including geopolitical situations, as well as economics and philosophy. These books provide insight into those landscapes.

Enjoy...

Title
(Click book for details)
Review
Jack D. Schwager - Market Wizards Market Wizards is a book that is easily worth ten times the cover price, and of all the books on this list, it's the one I've read the most number of times... by far. Jack Schwager puts together a lineup of brilliant trading minds such as Ed Seykota, Paul Tudor Jones, Richard Dennis, Michael Steinhardt, Jim Rogers, and others. Schwager is quite keen in his interrogations, bringing out details about how each trader approaches the market, handles losses, and developed trading skills. Market Wizards is the kind of book that brings out something new with each read. Buy the hardcover because you will peruse these interviews many times. More >>>

Doc's Full Review

Author: Jack D. Schwager

Justin Mamis - When To Sell When To Sell provides invaluable insight into the psychological turmoil that besets traders faced with the simple act of selling a stock position. Without a doubt, the most difficult task faced by equity traders is determining when to close a position. In fact, many famously successful traders have stated that knowing when to sell is far more difficult... and far more important.. than knowing when to buy. Mamis warns readers of detrimental thought processes that induce poor decision making on the sell side and presents a thorough review of technical and psychological indicators that will improve timing. More >>>

Author: Justin Mamis

James Rickards - Currency Wars Currency Wars provides readers with a thorough introduction to the misguided policies which have lead the world to a state of perpetual financial crisis. Mr. Rickards discusses how the U.S. dollar attained its status as the world's preferred reserve currency, how this status has been abused, and how other countries may threaten the security of the United States by exploiting the growing distaste for holding dollars. Throughout this work, Mr. Rickards presents novel perspectives on potential outcomes for the current state of affairs. The book then concludes with two, brilliant chapters outlining how financial complexity has drained productivity from the economy and what choices we now face to avoid long-term disaster. More >>>

Author: James Rickards

Adam Fergusson - When Money Dies When Money Dies is Adam Fergusson's seminal work on the hyperinflation of Weimar Germany. This thorough analysis takes readers through a step-by-step journey of the causes and effects of inflation, including why monetary debasement was initiated, the effects of massive currency printing on the economy and populace, political responses to the dilemmas that arose, reactions of trade partners, which groups won and lost, and the ultimate collapse of the currency. Anyone who wants to prepare for the ravages of such a period will take many lessons from this book. More >>>

Author: Adam Fergusson

Edwards and Magee - Technical Analysis of Stock Trends Technical Analysis of Stock Trends is an indispensable textbook. No professional works without it, and it is one of the few books that is worth manifold the cover price. Edwards and Magee present a lucid and methodical approach to reading stock charts in the first half of the book, then outline prudent trading strategies in part two. You will find that this text spends little time on your bookshelf and a lot of time open on your trading desk. More >>>

Authors: Robert D. Edwards, John Magee

George Soros - The Alchemy of Finance The Alchemy of Finance is an indispensible text for anyone who is anything more than a casual trader. The book is loaded with case studies from Soros' own experience and provides a succinct view into the thought processes of one of the world's greatest traders. More >>>

Author: George Soros

The Panic of 1907 The Panic of 1907 describes an acute banking crises that gripped the United States in the first decade of the 20th century. The malfeasances of the banking community and the absurd reactions of politicians are spookily similar to what our country is experiencing today. The actions of contemporary banking leaders, particularly those of J.P. Morgan, are of special interest to any reader with a strong opinion on central banking because this crisis was a primary instigator of efforts to establish the Federal Reserve 6 years later. This book therefore illustrates how a credit crunch was handled prior to the government's ability to print money. More >>>

Author: Robert F. Bruner, Sean D. Carr

The Panic of 1819 The Panic of 1819 is a treatise on reactions and policies surrounding the financial crisis of 1819. Like the crisis of the late 2000s, the 1819 hardship was instigated by a collapse of real estate prices following a boom. Despite the existence of a gold standard in the early 19th century, the real estate boom was fuelled by a number of large banks issuing more notes than could be redeemed in specie. When the inevitable contraction arrived, the vulnerability of the banking system was revealed. The Panic of 1819 provides a detailed account, state-by-state, of attempts to alleviate the crisis and is recommended reading for those with a thirst for economic history.More >>>

Author: Murray N. Rothbard

Marc Faber - Tomorrow's Gold Tomorrow's Gold gives readers thier best look at the mind and methodology of one of the passed century's most successful money managers. Marc Faber lays out his outlook for future investment opportunities by comparing the current economic and politcial environment to similar situations from the past. The patterns of human behavior are striking repetitive, and Faber, along with other top money managers, cannot stress enough how important an understanding of history is to money management. More >>>

Author: Marc Faber

Rothbard - America's Great Depression America's Great Depression is presented to us by one of the Austrian school's pre-eminent members. Now in it's fifth printing, Rothbard's analysis of the factors that lead to and extended the Great Depression (they're not what you think) is treasured by international money managers as a handbook to how government policies affect our economies and well-being. An understanding of these machinations will give readers keen insight toward forming expectations and investment decisions. More >>>

Author: Murray N. Rothbard

Investor's Equation The Investor's Equation is an extraordinary book and invaluable to the analytical approach to investing. This book lays out the mathematical foundation for valuing a business and provides plenty of examples along the way. It is the best resource to be published for the value investor since's Graham's bible. More >>>

Authors: William M. Bowen, Frank P. Ganucheau

Why Flip A Coin? Why Flip a Coin? presents readers with a marvelously entertaining and insightful view into how and why decisions are made about common situations. Each chapter presents a topic, such as picking stocks, choosing a mate, deciding who to vote for in elections, how to make strategies to win a war, and more. For each topic, common misconceptions are presented along with lines of reasoning for maximizing your chance of making the correct decision. Ironically, this book will improve decision-making by giving readers greater insight into how uncertain things are. More >>>

Author: H. W. Lewis

Aldous Huxley - Brave New World Revisted Brave New World Revisited is not an investment book, but it will expand the mind of the investor. Written in 1961, Revisted is a dissertation by Aldous Huxley about his outlook for the rest of the 20th century. His views have proven to be spookily prescient. Understanding his line of thought from a retrospective viewpoint will provide the reader with valuable insight into macro-socioeconomic analysis. Although Huxley references his classic Brave New World, the prior work is not prerequisite reading. More >>>

Author: Aldous Huxley

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