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18 Books Warren Buffett Swears By
18
items Every book here is one Warren Buffett has personally recommended, in his Berkshire Hathaway shareholder letters, at annual meetings, or in interviews. No made-up “billionaire reading lists”, just the books he actually told people to read. I may earn ...
Sections
4
Ben Graham and the foundations
Wall Street's traps and how to avoid them
Great managers and capital allocators
Partners, mentors and big thinkers
Ben Graham and the foundations
The books that built Buffett's investing framework, plus the one modern book he blurbed himself.
Howard Marks, co-founder of Oaktree Capital, turns decades of client memos into lessons on risk, cycles and second-level thinking. Buffett liked the memos so much that he offered to blurb the book, calling it “that rarity, a useful book.”
The Most Important Thing: Uncommon Sense for the Thoughtful Investor
Graham's guide to value investing and keeping your head when markets go crazy. Buffett calls it "by far the best book about investing ever written" and points readers to chapters 8 and 20.
The Intelligent Investor Rev Ed.: The Definitive Book on Value Investing
Fisher's case for buying great growth companies and holding them for years, plus his famous 15-point checklist. Buffett: “I am an eager reader of whatever Phil has to say, and I recommend him to you.”
Common Stocks and Uncommon Profits and Other Writings
The original, dense textbook on valuing stocks and bonds that started value investing. Buffett says it gave him “a road map for investing that I have now been following for 57 years.”
Security Analysis, Sixth Edition
Wall Street's traps and how to avoid them
Buffett's picks on fees, speculation, bubbles and fraud. Most of them are funny as well as useful.
George Goodman, writing as Adam Smith, explains the 1960s stock market through funny, sharp stories about the people playing it. Buffett told his partners in 1968 to hurry out and get a copy because it is “loaded with insights and supreme wit.”
Money Game
Vanguard founder Jack Bogle on how Wall Street drifted from long-term investing to short-term speculation. Buffett recommended it by name in his 2012 shareholder letter.
The Clash of the Cultures: Investment vs. Speculation
Bogle's short, clear argument for low-cost index funds over trying to beat the market. In his 2014 letter Buffett told investors to read this instead of listening to fee-hungry advisers.
The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns
A witty 1940 takedown of Wall Street brokers and the people who pay them. Buffett calls it "the funniest book ever written about investing" with “many truly important messages.”
Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street
Galbraith's sharp, readable account of the speculative mania and collapse of 1929. At the 2009 Berkshire meeting Buffett said “It's one of the great books... You really ought to buy it.”
The Great Crash 1929
The inside story of Enron's rise and collapse, from the reporters who first questioned its numbers. Buffett called it “well-reported and well-written.”
The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron
Great managers and capital allocators
Books about the operators Buffett admires and the stories he hands to friends.
Jack Welch's memoir of running General Electric for two decades, with his views on people, performance and big decisions. Buffett endorsed it in his 2001 letter to shareholders.
Jack: Straight from the Gut
Profiles of eight CEOs who beat the market by being brilliant at deploying capital, not by being famous. Buffett called it "an outstanding book about CEOs who excelled at capital allocation" in his 2012 letter.
The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success
Twelve classic New Yorker stories about companies, from the Ford Edsel flop to the rise of Xerox. When Bill Gates asked Buffett for his favorite business book, Buffett lent him his own copy of this one.
Business Adventures: Twelve Classic Tales from the World of Wall Street
Phil Knight's honest memoir of building Nike from a car-trunk shoe business. Buffett said it was "the best book I read last year" and called Knight a “gifted storyteller.”
Shoe Dog: A Memoir by the Creator of Nike
Katharine Graham's Pulitzer-winning memoir of running The Washington Post through Watergate. Buffett, who sat on the Post's board, called it “an incredibly honest book.”
Personal History (Pulitzer Prize Winner): A Memoir
Partners, mentors and big thinkers
Charlie Munger's wisdom, an economist Buffett says makes you smarter about markets, and a guide to Buffett's own early partnership letters.
Keynes's essays on money, inflation and the future, including his famous prediction about how much our grandchildren would work. Buffett: “Reading Keynes will make you smarter about securities and markets.”
Essays in Persuasion
The collected speeches and mental models of Charlie Munger, Buffett's longtime partner. Buffett joked that it "should settle" whether Charlie is the reincarnation of Ben Franklin.
Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger
Jeremy Miller organizes Buffett's partnership letters from 1956 to 1970 by theme, before Berkshire became what it is today. Buffett said Miller “has done a superb job” and that anyone fascinated by investing will enjoy it.
Warren Buffett's Ground Rules: Words of Wisdom from the Partnership Letters of the World's Greatest Investor