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Book Recommendations
Recommended reading on investing, valuation, trading, behavioral finance, and the history of Wall Street.
The Intelligent Investor
The foundation of value investing: margin of safety, the difference between investing and speculating, and the temperament required to stick with a process.
Security Analysis
The original rigorous treatment of analysing balance sheets and earnings power. Dense, but the source for much of what later valuation practice takes for granted.
Valuation: Measuring and Managing the Value of Companies
The practitioner reference for discounted cash flow work, from return on invested capital to building a defensible terminal value.
Reminiscences of a Stock Operator
A fictionalised account of Jesse Livermore that remains one of the clearest portraits of trader psychology, discipline, and the cost of ignoring one’s own rules.
Market Wizards
Interviews with top traders across styles. The common thread is not a single method but rigorous risk management and self-knowledge.
A Random Walk Down Wall Street
The best accessible case for market efficiency and low-cost indexing. Essential reading for anyone who wants to argue the other side.
Thinking, Fast and Slow
The research behind loss aversion, anchoring, and overconfidence, written by the psychologist who helped found behavioral economics.
Liar’s Poker
A memoir of the 1980s Salomon Brothers bond desk and an early look at how trading-floor culture and incentives work.
The Big Short
How a handful of investors identified the mortgage bubble, and a lesson in doing primary research when consensus is wrong.
When Genius Failed
The rise and collapse of Long-Term Capital Management, a case study in leverage, correlation, and model risk.