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16 Investing Books for Beginners, Recommended by Jack Bogle, Howard Marks and Mohnish Pabrai
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items A starter shelf for new investors, grouped by approach: index funds, personal finance, value investing and market psychology. Every book was recommended by a well-known investor, and each note says who and where. I may earn a small commission if you ...
Sections
4
Index funds and asset allocation
Personal finance foundations
Value investing basics
Market psychology and risk
Index funds and asset allocation
Jack Bogle founded Vanguard and the first index fund for regular investors, and these are the books he pointed people to.
Malkiel's case that most investors, professionals included, can't reliably beat the market, so low-cost index funds win over time. Jack Bogle put it on his short list of books every investor should read.
A Random Walk Down Wall Street: The Best Investment Guide That Money Can Buy
Bernstein covers the four things an investor needs: theory, market history, self-knowledge and an understanding of the fund business. Jack Bogle included it on his list of books every investor should read.
The Four Pillars of Investing: Lessons for Building a Winning Portfolio
Yale's endowment chief explains why individual investors should skip high-fee active funds and build a simple, diversified portfolio of index funds. Jack Bogle recommended it.
Unconventional Success: A Fundamental Approach to Personal Investment
Vanguard founder Jack Bogle makes the case for owning the whole market at the lowest possible cost and holding on. Mohnish Pabrai, a stock picker himself, has it on his list of recommended books.
The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns
Personal finance foundations
Before picking any investment: how money behaves, how people behave with it, and how to talk about it.
Written by members of the Bogleheads forum, it covers the basics in order: spending less, paying off debt, saving and then investing in low-cost funds. Jack Bogle recommended it and wrote its foreword.
The Bogleheads' Guide to Investing
Housel's short chapters on why behavior matters more than intelligence when it comes to money, from saving to knowing when you have enough. Howard Marks is among the investors who have recommended it.
The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness
Novelist John Lanchester explains the jargon of finance in plain English, from bond yields to quantitative easing. It is on Mohnish Pabrai's list of recommended books.
How to Speak Money: What the Money People Say-And What It Really Means
Value investing basics
Plain-English value investing from Peter Lynch, Joel Greenblatt and Guy Spier, picked by Mohnish Pabrai and Bill Ackman.
Fidelity's Peter Lynch shows how everyday observation can lead to good stock ideas, and how to check them before buying. Mohnish Pabrai says he recommends all of Lynch's books, and Bill Ackman lists this one.
One Up On Wall Street: How To Use What You Already Know To Make Money In The Market
Lynch walks through how he picked stocks for Magellan, with worked examples and 25 rules for individual investors. Mohnish Pabrai recommends all of Lynch's books, and this one is on his list.
Beating the Street
Greenblatt explains value investing with a story about his kids and a simple formula: buy good businesses at cheap prices. Mohnish Pabrai is among the investors who recommend it.
The Little Book That Still Beats the Market
Guy Spier's honest account of leaving a Wall Street job he disliked and learning value investing, including his charity lunch with Buffett alongside Pabrai. Pabrai has shared it on his own reading list.
The Education of a Value Investor: My Transformative Quest for Wealth, Wisdom, and Enlightenment
Market psychology and risk
Bubbles, luck and the history of risk. Howard Marks quotes most of these in his memos to Oaktree clients.
Mackay's 1841 account of the tulip mania, the South Sea Bubble and other crowd follies. Jack Bogle kept it on his list as a reminder that markets have always had manias.
Extraordinary Popular Delusions and the Madness of Crowds
Taleb on how often we mistake luck for skill, in markets and in life. Howard Marks has called it essential reading in his memos to Oaktree clients.
Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets
Bernstein tells the history of how people learned to measure risk, from dice games to modern portfolios. Howard Marks calls it a wonderful book in his memo on the collapse of Long-Term Capital Management.
Against the Gods: The Remarkable Story of Risk
Galbraith's short essay on why booms and busts repeat, and why each generation thinks its bubble is different. Howard Marks quotes it often and calls it a wonderful book on market excesses.
A Short History of Financial Euphoria
Edward Chancellor's history of financial speculation, from the 1600s to the 1990s. Howard Marks calls it excellent in his memo on judging where we are in the market cycle.
Devil Take the Hindmost: A History of Financial Speculation