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29 Books Recommended by Ray Dalio, Bill Ackman, Seth Klarman, Mohnish Pabrai and Joel Greenblatt
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items Not Buffett or Munger this time. These are the books other great investors keep recommending, from Seth Klarman's and Bill Ackman's value investing classics to Ray Dalio's history picks. When several investors named the same book, they are listed tog...
Sections
6
Graham, Buffett and the value classics
Stock picking and compounding
Habits and mindset
Booms, busts and bad actors
History and big cycles (Ray Dalio)
Business stories and lessons from outside finance
Graham, Buffett and the value classics
The value investing foundations, plus the books other great investors read to understand Buffett and Munger.
Benjamin Graham's guide to treating stocks as pieces of real businesses and always keeping a margin of safety. Mohnish Pabrai, Seth Klarman, Bill Ackman and Joel Greenblatt all recommend it.
The Intelligent Investor
The 1934 textbook that founded value investing, now with modern commentary in the sixth edition. Klarman, who contributed to that edition, recommends it along with Bill Ackman.
Security Analysis
Columbia professor Bruce Greenwald's practical guide to valuing companies the way value investors do. Joel Greenblatt includes it on his reading list.
Value Investing: From Graham to Buffett and Beyond
Buffett's shareholder letters organized by theme: management, investing, valuation and accounting. Pabrai, Ackman and Greenblatt all recommend it.
The Essays of Warren Buffett: Corporate Lessons
Robert Hagstrom breaks Buffett's approach into simple tenets about the business, management and price. Ackman lists it and Pabrai recommends all of Hagstrom's Buffett books.
The Warren Buffett Way
Janet Lowe's biography of Charlie Munger, built from interviews with Munger, his family and Buffett. Pabrai calls it a great book.
Damn Right!
Stock picking and compounding
Practical methods for finding mispriced stocks, and two studies of shares that rose a hundredfold.
Greenblatt's guide to special situations like spinoffs, mergers and restructurings that big funds ignore. Klarman calls it tactical with very specific strategies, and Ackman recommends it too.
You Can Be a Stock Market Genius
Decades of market data tested against common strategies to see which ones really beat the market. Pabrai calls it strongly recommended with great data, and Greenblatt lists it too.
What Works on Wall Street
David Dreman's case for buying out-of-favor stocks and avoiding the market's darlings. Greenblatt includes it on his reading list.
Contrarian Investment Strategies
A 1972 study of stocks that turned $1 into $100 and how a patient investor could find them. Pabrai told CNBC it is extremely well written.
100 to 1 in the Stock Market
Christopher Mayer updates Phelps's research on stocks that rose a hundredfold. Pabrai recommends it for thinking about businesses with long runways.
100 Baggers: Stocks That Return 100-to-1
Habits and mindset
Books on decision rules, habits and what wealth really means.
Ray Dalio's rules for decision making, learning from mistakes and running Bridgewater. Howard Marks has recommended it.
Principles: Life and Work
Charles Duhigg explains how habits form and how to change them, for people and companies. Dalio credits it with helping him build better habits.
The Power of Habit
A psychiatrist's look at Transcendental Meditation and what it does for the mind. Dalio, who has meditated since 1969, recommends it.
Super Mind
Sahil Bloom argues wealth is more than money: time, relationships, mental and physical health count too. Bill Ackman publicly recommended it in 2025.
The 5 Types of Wealth
Booms, busts and bad actors
Klarman and Ackman's picks about crises and fraud. History doesn't repeat, but it rhymes.
Michael Lewis follows the few investors who saw the 2008 housing crash coming and bet against it. Seth Klarman said it may be the definitive book about that era.
The Big Short: Inside the Doomsday Machine
A minute-by-minute account of the 2008 financial crisis from inside the banks and the Treasury. Klarman calls it fabulous.
Too Big to Fail
Roger Lowenstein's history of how the mortgage boom turned into the 2008 collapse. Klarman says all of Lowenstein's books are excellent.
The End of Wall Street
Hedge fund manager David Einhorn's account of his long short-selling fight with Allied Capital. Bill Ackman recommends it.
Fooling Some of the People All of the Time
History and big cycles (Ray Dalio)
Ray Dalio's big-picture reading on history, power and evolution.
Will and Ariel Durant boil down a lifetime of writing history into about 100 pages. Ray Dalio puts it at the top of his recommendations.
The Lessons of History
Paul Kennedy's history of how economic strength and military overreach decided which empires rose and fell. Dalio said it is the best thing he has read on rising and declining powers.
The Rise and Fall of the Great Powers
Henry Kissinger on how different civilizations have tried to organize the world, and why it keeps breaking down. Dalio values it because Kissinger both studied and made history.
World Order
Joseph Campbell's study of the hero's journey found in myths around the world. Dalio calls it fabulous and says it helped him make sense of his own failures.
The Hero with a Thousand Faces
Richard Dawkins's short book on evolution as a river of genes flowing through time. Dalio names it one of the three books with the biggest impact on his life.
River out of Eden: A Darwinian View of Life
Business stories and lessons from outside finance
Company stories Mohnish Pabrai recommends, plus advertising, physics and baseball books investors use to sharpen their thinking.
The history of how Coca-Cola grew from an Atlanta soda fountain into a global brand. Pabrai recommends it for understanding the company.
Secret Formula
Tracy Kidder's Pulitzer-winning story of an engineering team racing to build a new computer in 1980. Pabrai recommends it for anyone working on products or startups.
The Soul of a New Machine
The advertising legend explains what sells and what doesn't, with dozens of real ads. Pabrai says he learned a lot from it.
Ogilvy on Advertising
Feynman's stories, including how he found the cause of the Challenger disaster. Pabrai says all of Feynman's books are worth reading.
What Do You Care What Other People Think?
How the Oakland A's used overlooked statistics to compete with teams that had far more money. Seth Klarman points out that it is really a book about value investing.
Moneyball