To develop a solid foundation for investing (or being a well informed client of an investment manager), we suggest five books to get started. Some of these books provide an excellent background to today’s economic, business and political environment. Some others review investing techniques, approaches and perspectives that successful investors have used in the past.
The materials below are provided for reference only. We do not endorse or assume any responsibility for the accuracy or appropriateness of the information contained in any of the referenced third-party materials below.
Five Must Reads
The Creature from Jekyll Island
Author: G. Edward Griffin
Summary: Where does money come from? Where does it go? Who makes it? The money magicians’ secrets are unveiled. We get a close look at their mirrors and smoke machines, their pulleys, cogs, and wheels that create the grand illusion called money. This book is about the most blatant scam of all history. It’s all here: the cause of wars, boom-bust cycles, inflation, depression, prosperity.
Summary: In clear, no-nonsense terms, Woods explains what led up to this economic crisis, who’s really to blame, and why government bailouts won’t work. Woods will reveal:
- Which brave few economists predicted the economic fallout—and why nobody listened
- What really caused the collapse
- Why the Fed—not taxpayers—should have to answer for the current economic crisis
- Why bailouts are band-aids that will only provide temporary relief and ultimately make things worse
- What we should do instead, to put our economy on a healthy path to recovery.
The Great Reflation
Author: Anthony Boeckh
Summary: A guide to understanding and thriving in today’s new economic environment Now that the housing and credit bubbles have burst, toppling banks and sending shockwaves through the stock market and around the world, it may seem like the worst has passed. But the full impact of the crises we have recently faced will create far more problems, and unless you’re prepared, you’ll struggle to regain your financial footing. In The Great Reflation, author Tony Boeckh helps you understand how these crises, and the policies passed to jumpstart the economy, will play out for investments and business, and provides you with the tools to excel in today’s rapidly evolving financial landscape. He reveals how similar episodes compare with the current crises and what this could mean for your financial future.
Predicting the Markets of Tomorrow: A Contrarian Investment Strategy for the Next Twenty Years
Author: James P. O’Shaugnessy
Summary: A unique and timely new wealth-building strategy from a legendary investment guru According to O’Shaughnessy, the year 2000 marked the end of a twenty-year cycle that was dominated by the stocks of larger, fastergrowing companies like those in the S&P 500. In the new cycle, the stocks of small and midsize companies are the ones that will outperform the market, along with large company value stocks and intermediate term bonds. O’Shaughnessy describes the number crunching behind his analysis and then shows individual investors exactly how to select the right mix of investments and pick top-performing small and midcap stocks.
Reminiscences of a Stock Operator
Author: Edwin Lefèvre
Summary: Reminiscences of a Stock Operator is the thinly disguised biography of Jesse Livermore, a remarkable character who first started speculating in New England bucket shops at the turn of the 20th century. Livermore, who was banned from these shady operations because of his winning ways, soon moved to Wall Street where he made and lost his fortune several times over. What makes this book so valuable are the observations that Lefèvre records about investing, speculating, and the nature of the market itself.
Other Suggested Reading by Category
In addition to the five “Must Reads”, there is a litany of other books that have provided additional relevant background, tools or context to better investment management. Following are a group of those books by major category:
The Big Short: Inside the Doomsday Machine Author: Michael Lewis
The Snowball: Warren Buffett and the Business of Life Author: Alice Schroeder
Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the FinancialSystem—and Themselves Author: Andrew Ross Sorkin
Liar’s Poker Author: Michael Lewis
Panic: The Story of Modern Financial Insanity Author: Michael Lewis
The Great Depression: America 1929-1941 Author: Robert S. McElvaine
The First Tycoon: The Epic Life of Cornelius Vanderbilt Author: T.J. Stiles
Lords of Finance: The Bankers Who Broke the World Author: Liaquat Ahamed
End the Fed Author: Ron Paul
Collapse: How Societies Choose to Fail or Succeed: Revised Edition Author: Jared Diamond
Basic Economics 4th Ed: A Common Sense Guide to the Economy Author: Thomas Sowell
Economic Facts and Fallacies: Second Edition Author: Thomas Sowell
Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics Author: Henry Hazlitt
Freakonomics: A Rogue Economist Explores the Hidden Side of Everything Author: Steven D. Levitt & Stephen J. Dubner
SuperFreakonomics: Global Cooling, Patriotic Prostitutes, and Why Suicide Bombers Should Buy Life Insurance Author: Steven D. Levitt & Stephen J. Dubner
Crash Course: The American Automobile Industry’s Road from Glory to Disaster Author: Paul Ingrassia
Forex Revolution: An Insider’s Guide to the Real World of Foreign Exchange Trading Author: Peter Rosenstreich
Power Hungry: The Myths of “Green” Energy and the Real Fuels of the Future Author: Robert Bryce