Warren Buffett’s reading list. He thinks everyone should read these books.
“ The most important investment you can make is in yourself.” –Warren Buffett
Warren Buffett credits many of his great money decisions to his voracious reading habit. He spends as much as 5-6 hours of his day reading.
The CEO of Berkshire Hathaway, when asked once about the key to success, he pointed to a stack of books and said, ” Read 500 pages like this every day. That how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.
11 Books from Warren Buffett’s reading list.
1. THE INTELLIGENT INVESTOR –Benjamin Graham
Warren Buffett’s favourite book on investing. Warren has called it “the best book on investing ever written.”
This classic text is annotated to update Graham’s timeless wisdom for today’s market conditions…
The greatest investment advisor of the twentieth century, Benjamin Graham, taught and inspired people worldwide. Graham’s philosophy of “value investing” — which shields investors from substantial error and teaches them to develop long-term strategies — has made The Intelligent Investor the stock market bible ever since its original publication in 1949.
Vital and indispensable, this HarperBusiness Essentials edition of The Intelligent Investor is the most important book you will ever read on how to reach your financial goals.
2. BUSINESS ADVENTURES –John Brooks
“Business Adventures remains the best business book I’ve ever read.” —Bill Gates, The Wall Street Journal
Stories about Wall Street are infused with drama and adventure and reveal the machinations and volatile nature of the world of finance. Longtime New Yorker contributor John Brooks’s insightful reportage is so full of personality and critical detail that whether he is looking at the astounding market crash of 1962, the collapse of a well-known brokerage firm, or the bold attempt by American bankers to save the British pound, one gets the sense that history repeats itself.
Five additional stories on equally fascinating subjects round out this wonderful collection that will both entertain and inform readers . . . Business Adventures is truly financial journalism at its liveliest and best.
3. THE ESSAYS OF WARRANT BUFFETT–Lawrence A. Cunningham
An updated edition of the bestselling collection of timeless wisdom from the world’s greatest investor Readers of Warren Buffett’s letters to Berkshire Hathaway shareholders have gained an enormously valuable informal education in the art of investing. Broad in scope and long on wisdom, Buffett’s letters explain his principles on sound investing, selecting managers, valuing businesses, using financial information profitably, and other vital topics for investors.
This newly updated Fourth Edition includes Buffett’s latest wisdom on such topics as the financial crisis, the housing bubble, corporate governance, Berkshire Hathaway’s acquisitions, today’s best investing opportunities, and the weaknesses of popular option valuation models. Includes Buffett’s insights on the current financial crisis and recession. Offers new and potent insight on good corporate governance and other issues vital to executives and managers For investors, corporate executives, managers, and Buffett fans, The Essays of Warren Buffett, Fourth Edition features the kind of wisdom on investing, finance, and leadership that can be found nowhere else.
4. OUTSIDERS –William Thorndike Jr.
“An outstanding book about CEOs who excelled at capital allocation.” — Warren Buffett
In this refreshing, counterintuitive book, author Will Thorndike brings to bear the analytical wisdom of a successful career in investing, closely evaluating the performance of companies and their leaders. You will meet eight individualistic CEOs whose firms’ average returns outperformed the S&P 500 by a factor of twenty. In The Outsiders, you’ll learn the traits and methods—striking for their consistency and relentless rationality—that helped these unique leaders achieve such exceptional performance.
Drawing on years of research and experience, Thorndike tells eye-opening stories, extracting lessons and revealing a compelling alternative model for anyone interested in leading a company or investing in one—and reaping extraordinary returns.
5. STRESS TEST–Timothy F. Geithner
Stress Test is the story of Tim Geithner’s education in financial crises.
As president of the Federal Reserve Bank of New York and then as President Barack Obama’s secretary of the Treasury, Timothy F. Geithner helped the United States navigate the worst financial crisis since the Great Depression, from boom to bust to rescue to recovery. In a candid, riveting, and historically illuminating memoir, he takes readers behind the scenes of the crisis, explaining the hard choices and politically unpalatable decisions he made to repair a broken financial system and prevent the collapse of the Main Street economy. This is the inside story of how a small group of policymakers—in a thick fog of uncertainty, with unimaginably high stakes—helped avoid a second depression but lost the American people doing it. Stress Test is also a valuable guide to how governments can better manage financial crises because this one won’t be the last.
Secretary Geithner is not a politician, but he has things to say about politics—the silliness, the nastiness, the toll it took on his family. But in the end, Stress Test is a hopeful story about public service. In this revealing memoir, Tim Geithner explains how America withstood the ultimate stress test of its political and financial systems.
6. THE CLASH OF THE CULTURES –John C. Bogle
Recommended Reading by Warren Buffet in his March 2013 Letter to Shareholders
How speculation has come to dominate investment―a hard-hitting look from the creator of the first index fund.
Provocative and refreshingly candid, this book discusses Mr. Bogle’s views on the changing culture in the mutual fund industry, how speculation has invaded our national retirement system, the failure of our institutional money managers to effectively participate in corporate governance, and the need for a federal standard of fiduciary duty.
Mr Bogle recounts the history of the index mutual fund, how he created it, and how exchange-traded index funds have altered its original concept of long-term investing. He also presents a first-hand history of the Wellington Fund, a real-world case study on the success of the investment and the failure of speculation. The book concludes with ten simple rules that will help investors meet their financial goals. Here, he presents a common-sense strategy that “may not be the best strategy ever devised. But the number of strategies that are worse is infinite.”
7. JACK: STRAIGHT FROM THE GUT–Jack Welch
In his memoir, Welch details how he rose from a working-class childhood to the CEO of General Electric. Buffett describes Welch as “smart, energetic, hands-on”.
They called him Neutron Jack. They called him the world’s toughest boss. And then Fortune called him “The Manager of the Century.” In his twenty-year career at the helm of General Electric, Jack Welch defied conventional wisdom and turned an ageing behemoth of a corporation into a lean, mean engine of growth and corporate innovation. In this remarkable autobiography-a classic business book and runaway, New York Times bestseller now updated with a new afterword by the author-Jack Welch takes us on the rough-and-tumble ride that has been his remarkable life. From his working-class childhood to his early days in G.E. Plastics to his life at the top of the world’s most successful company, Welch tells his intensely personal story with his well-known fire and candour. And although it chronicles billion-dollar deals and high-stakes corporate standoffs, Jack is ultimately a story about people from a man who based his career on demanding only the best from others and from himself.
8. COMMON STOCKS AND UNCOMMON PROFITS –Philip Fisher
One of the most important works ever written on investment theory, Common Stocks and Uncommon Profits lays out the fundamental principles of intelligent investing. Widely respected and admired, Philip Fisher is among the most influential investors of all time. His investment philosophies are not only studied and applied by today’s finance professionals but are also regarded by many as gospel. He is a pioneer of modern investment theory.
9. SECURITY ANALYSIS –Benjamin Graham
“A road map for investing that I have now been following for 57 years.”
–From the Foreword by Warren E. Buffett
First published in 1934, Security Analysis is one of the most influential financial books ever written. Selling more than one million copies through five editions, it has provided generations of investors with the timeless value investing philosophy and techniques of Benjamin Graham and David L. Dodd.
As relevant today as when they first appeared nearly 75 years ago, the teachings of Benjamin Graham, “the father of value investing,” have withstood the test of time across a wide diversity of market conditions, countries, and asset classes.
This new sixth edition, based on the classic 1940 version, is enhanced with 200 additional pages of commentary from some of today’s leading Wall Street money managers. These masters of value investing explain why the principles and techniques of Graham and Dodd are still highly relevant even in today’s vastly different markets.
10. ESSAYS IN PERSUASION –John Maynard Keynes
In Buffett’s opinion, it’s required reading. “Reading Keynes will make you smarter about securities and markets,” he told Outstanding Investor Digest in 1989.
Essays In Persuasion written by legendary author John Maynard Keynes is widely considered to be one of the top 100 greatest books of all time. This great classic will surely attract a whole new generation of readers. For many, Essays In Persuasion is required reading for various courses and curriculums. And for others who simply enjoy reading timeless piees of classic literature, this gem by John Maynard Keynes is highly recommended. Published by Classic House Books and beautifully produced, Essays In Persuasion would make an ideal gift and it should be a part of everyone’s personal library.
11. WHERE ARE THE CUSTOMERS’ YACHTS? –Fred Schwed Jr.
“This is the funniest book ever written about investing,” Warren Buffett proclaimed in his 2006 shareholder letter, “it lightly delivers many truly important messages on the subject.”
Humorous and entertaining, this book exposes the folly and hypocrisy of Wall Street. The title refers to a story about a visitor to New York who admired the yachts of the bankers and brokers. Naively, he asked where all the customers’ yachts were? Of course, none of the customers could afford yachts, even though they dutifully followed the advice of their bankers and brokers. Full of wise contrarian advice and offering a true look at the world of investing, in which brokers get rich while their customers go broke, this book continues to open the eyes of investors to the reality of Wall Street. This brilliant interpretation is an entertaining accompaniment to one of the most famous books on investment ever written.
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Warren Buffett’s Reading List