According to the best investors in the world, what are the best books to read about how to make money? Find out what 20 of the most successful investors and hedge fund managers have read. I looked up their favorite books.
I came up with a total of 246 book recommendations, put them together in a spreadsheet, and sorted them by how many there were.
The best books on investing are ranked by how many people have recommended them.
It’s possible to look at the data in its raw form here.
If two books were tied, I ranked them based on my own tastes.
You can check out this table for a list of all the books that got more than three stars.
At the end of this post, you’ll also find a list of some of the best books on quantitative finance.
The Best Investing Books of All Time
The Intelligent Investor by Benjamin Graham
Bill Ackman, Bruce Berkowitz, Warren Buffett, Michael Burry, Joel Greenblatt, Seth Klarman, Mohnish Pabrai, Walter Schlossl, and Guy Spier are some of the people who think this is a good idea.
By far, The Intelligent Investor is the best book on investing that has ever been written.
There are more words from him: “Chapters 8 and 20 have been the foundation of my investing for more than 60 years.” If you’re an investor, I think you should read and reread those chapters every time the market is strong or weak.
Benjamin Graham’s now-classic book was first published in 1949. It has had an impact on generations of investors, and many of today’s most well-known hedge fund managers, like Joel Greenblatt and Michael Burry, have read and used it.
Graham, who is known as the “father of value investing,” changed the book four times, the last time in 1971. Jason Zweig, a well-known Wall Street Journal financial columnist, updated the book with his own commentary and footnotes in 2003, when the book was first written.
Security Analysis by Benjamin Graham
Bill Ackman, Bruce Berkowitz, Warren Buffett, Michael Burry, Joel Greenblatt, John Griffin, Seth Klarman, Walter Schloss, and Don Yacktman are some of the people who think this is a good stock.
On the list of the best investing books of all time, Benjamin Graham’s book Security Analysis comes in at number two. It was written with David Dodd and is called “Security Analysis.”
As a back cover quote reads: “A roadmap for investing that I have now been following for 57 years.” Buffet, who wrote the forward, is also quoted on the back cover.
Even though Graham’s book, “The Intelligent Investor,” isn’t a quick read, “Security Analysis” is even more in-depth about how he picks stocks. In that case, I’d start with the first one.
The most recent edition of Security Analysis, which came out in 2008, includes advice from some of the best investors in the world, like Seth Klarman, Howard Marks, Bruce Berkowitz, Bruce Greenwald, and others.
You Can Be A Stock Market Genius by Joel Greenblatt
Bill Ackman, Michael Burry, David Einhorn, Seth Klarman, Dan Loeb, and Guy Spier have all said that this stock is good.
Even though You Can Be A Stock Market Genius isn’t well-known enough to be called a “hidden gem,” it’s fair to say that it hasn’t been seen. It came in at number 60 in Amazon’s finance section.
Second book: The Little Book That Beats the Market is number 17.
Become a stock market In this book, Genius talks about how individual investors can use special situation investing to beat the market.
This means investing in:
The securities that are sold when a company merges are called
Offerings of rights
In risk arbitrage, two or more people buy and sell risk
Trying to find out about these opportunities does take time, which may be why the book hasn’t been popular with most people who invest in stocks and other things.
However, out of the 20 lists I looked at, You Can Be A Stock Market Genius came up six times. This means that the book has had an impact on many of the best investors of our time.
The Essays of Warren Buffett
People have given me five ideas.
Bill Ackman, Bruce Berkowitz, Joel Greenblatt, John Griffin, and Don Yacktman all think it’s a good book.
Warren Buffett’s essays and letters to shareholders are number four on the list of the best investing books of all time. In them, the famous investor explains how he makes money.
There are two separate books that have all of his writing from over a long period of time:
Lessons from Warren Buffett: Essays on Business, edited by Lawrence Cunningham: an edited version that puts together topics from different years together.
For only $2.99 on Kindle, Max Olson has put together Warren Buffett’s original letters to shareholders from Berkshire Hathaway, which he hasn’t changed.
Buffett’s letters that haven’t been edited are also available for free on Berkshire’s site.
The Warren Buffett Way by Robert Hagstrom
People have given me five ideas.
Bill Ackman, Joel Greenblatt, John Griffin, Howard Marks, and Mohnish Pabrai have all said that this is a good stock.
There’s no doubt that Warren Buffett has had a huge impact on the world of investing.
Buffett has written a lot of letters with his advice over the years, and he’s never turned down an interview. This means that he’s been very open about his investment strategy.
So it’s no surprise that his name is all over this list of the best investing books.
The Warren Buffett Way is different from other books because it talks about the strategies Buffett has used to get where he is today. It’s the best book on his strategies from someone else’s point of view.
In 1997, it was written, but it was changed in 2013 to look at Buffett’s more recent investments.
Reminiscences of a Stock Operator by Edwin Lefèvre
The following people have said that this book is good: Bruce Berkowitz, John Griffin, Dan Loeb, and Guy Spier.
Reminiscences of a Stock Operator, by Edwin Lefèvre, was written in 1923. It’s not a book about investing in the traditional sense, but it’s still very good. Rather, it’s a fictionalized biography of one of the best investors of the time, Jesse Livermore, who made and lost a lot of money during his career.
As soon as the Great Depression started in 1929, he made his most well-known move by shorting the stock market.
In 1940, Livermore took his own life because he lost most of the money he made, which was said to be more than $100 million.
His life story is still important today because it shows how investors think, how they make bets, and how the market works.
Margin of Safety by Seth Klarman
Bill Ackman, David Einhorn, Joel Greenblatt, and Guy Spier are some of the people who like this.
It’s called the “margin of safety.” It’s the difference between a stock’s value and its market price.
This is how Seth Klarman has used it to become one of the best hedge fund managers of all time. He worked at Baupost.
By many people in the media, Klarman is a value investor. He has been called “the next Warren Buffett.” So it’s no surprise that in this well-known investment book, he spends a lot of time talking about the “margin of safety” philosophy, which is a classic value investing framework. He says that it’s the most important thing for investors to understand.
Because the book is out of print, used copies can sell for over $1,000. At the time of this writing, the lowest price for a used copy on Amazon is $899.
Common Stock, Uncommon Profits and Other Writings by Philip Fisher
Michael Burry, Warren Buffet, and John Griffin have all said they like it.
Common Stock, Uncommon Profits and Other Writings by Philip Fisher was one of the books that helped shape Warren Buffett’s investment strategy when he was a young man. It was written in 1958.
Buffett has said that he thinks the book is good.
After I read Phil Fisher’s book Common Stocks and Uncommon Profits, I went to him to find out more.” Phil’s methods can help you get a complete picture of the business, which makes it easier to make smart investment decisions.
With knowledge about how to look at earnings and management, it’s easy to see how Fisher’s book helped Buffett build on the ideas he learned from Benjamin Graham.
Common Stock, Uncommon Profits, and Other Writings was updated by Philip Fisher’s son, Ken Fisher, in 2003. Ken Fisher is a well-known Forbes columnist.
One Up On Wall Street by Peter Lynch
Bill Ackman, John Griffin, and Mohnish Pabrai all like this.
Peter Lynch was in charge of the Magellan Fund from 1977 to 1990, and he made an annual average return of 29 percent. In 11 of his 13 years at the helm, he beat the S&P 500 Index.
In his book, One Up On Wall Street, Lynch talks about how he thinks and what he does to help people who want to be successful investors.
One Up On Wall Street was released in 2000, making it the second-youngest book on the list. It has become very popular because it explains how average investors can use certain advantages over big money managers.
A one-sentence summary: invest in companies you know and love. There’s no doubt that the book will have an impact on both individual investors and the hedge fund managers of the future.
Influence: The Psychology of Persuasion by Robert Cialdini
Bruce Berkowitz, John Griffin, and Charlie Munger have all said they like it.
While you won’t find this book in the investment section of any bookstore, it has clearly had a big impact on the world of investing and some of the best people in the business world today.
In fact, when we looked at the recommended reading lists of 100 famous CEOs and entrepreneurs, Influence came in at the top.
The book was written by Robert Cialdini and talks about how our minds can be easily changed and how to stop it. It’s therefore no surprise that an investor like Charlie Munger, who popularized the idea of mental models, loves the book.
A lot of people liked the book. Munger, in fact, gave Cialdine a share of Berkshire Class A stock. The value of that share today is well over $330,000.