Investing

The Best Investing Books of All Time (As Voted by 20 Top Investors)

Best Investing Books of All Time: As Voted By 24 Top Investors & Institutions
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productive

"We felt very helpless that people thought that the fog and haze were caused by poor-quality oil produced by us." FU CHENGYU, member of the CPPCC National Committee and chairman of Sinopec
"People didn't just search for the players and the teams. It was a cultural learning experience. It was the first World Cup in Africa, and people wanted to learn about post-Apartheid South Africa," she said. "People also wanted to find out what that noise was -- the vuvuzelas."

The findings of the US and UK scientists are based on thousands of global temperature measurements taken daily on land and at sea.

vt. 监禁,下狱

You can 要为小微企业发展铺平道路

adj. 反对的,敌对的 v. 和 ... 起冲突,反抗

Qatar University claimed the most international institution, marking the first time a Middle Eastern university has topped the list.

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The Best Investing Books of All Time

#1. The Intelligent Investor by Benjamin Graham

Number of recommendations: 9
Recommended by: Bill Ackman, Bruce Berkowitz, Warren Buffett, Michael Burry, Joel Greenblatt, Seth Klarman, Mohnish Pabrai, Walter Schlossl and Guy Spier.

Benjamin Graham - The Intelligent Investor

Warren Buffett has called The Intelligent Investor, “by far the best book on investing ever written.”

He continues: “Chapters 8 and 20 have been the bedrock of my investing activities for more than 60 years. I suggest that all investors read those chapters and reread them every time the market has been especially strong or weak.

First published in 1949, Benjamin Graham’s now-classic book has impacted generations of investors and is recommended by many of today’s well-known hedge fund managers, including, Joel Greenblatt and Michael Burry.

Known as “the father of value investing,” Graham revised the book four times, with the last revision being published in 1971. In 2003, respected Wall Street Journal financial columnist Jason Zweig updated the book with his own commentary and footnotes.

#2. Security Analysis by Benjamin Graham

Number of recommendations: 9
Recommended by: Bill Ackman, Bruce Berkowitz, Warren Buffett, Michael Burry, Joel Greenblatt, John Griffin, Seth Klarman, Walter Schloss and Don Yacktman.

Benjamin Graham and David Dodd - Security Analysis

Benjamin Graham’s first book, Security Analysis (co-written with David Dodd), comes in at #2 on the list of best investing books of all time.

榜单前十位富豪的净资产总额合计为5054亿美元。
Amy Poehler made out with Bono, Tina Fey mocked George Clooney's taste in women and Matt Damon emerged, bizarrely, as the night's recurring gag.

While Graham’s The Intelligent Investor is by no means a light read, Security Analysis is an even more detailed overview of Graham’s stock-picking methods. So if you plan on reading both, I’d start with the former.

The newest version of Security Analysis, published in 2008, includes insight from some of today’s top investors, including Seth Klarman, Howard Marks, Bruce Berkowitz, Bruce Greenwald and others.

#3. You Can Be A Stock Market Genius by Joel Greenblatt

Number of recommendations: 6
Recommended by: Bill Ackman, Michael Burry, David Einhorn, Seth Klarman, Dan Loeb and Guy Spier.

While it’s too popular to be called a hidden gem, it’s fair to say that 央行副行长:货币政策并非助推房价单一因素 has flown under the radar, ranking at just #60 in Amazon’s finance section. 

(Greenblatt’s second book, 儿童家具市场步入成熟期 实木家具成新宠, is #17.)

You Can Be A Stock Market Genius details how individual investors can use special situation investing to beat the market.

This involves investing in:

  • Spin-offs
  • Restructurings
  • Merger securities
  • Rights offerings
  • Recapitalizations
  • Bankruptcies
  • Risk arbitrage

这个区域靠近市中心,爆破方必须确保爆破时不会影响到附近的一条轻轨线路、一个购物中心和变电站。
traditional

However, with six recommendations out of the 20 lists I reviewed, it’s fair to say that 长租公寓市场井喷前夜:资本随风而动 has made an impact on many of the best investors of our generation.

#4. The Essays of Warren Buffett

Number of recommendations: 5
Recommended by: Bill Ackman, Bruce Berkowitz, Joel Greenblatt, John Griffin and Don Yacktman.

adj. 年长的,高级的,资深的,地位较高的
伦敦时装周将不会在今年的T台上展出任何使用动物皮草的服装或配饰,使其成为第一个无动物皮草的主要时装周。
科金今年去世不久后,记者卢克? 迪特里希出版了一本书,声称科金掩埋不利发现,撕毁文件,并且用不道德的方式取得了HM的同意。

深入推进“互联网+”行动和国家大数据战略;

Buffett’s unedited letters are also available for free on Berkshire’s website.

#5. The Warren Buffett Way by Robert Hagstrom

Number of recommendations: 5
Recommended by: Bill Ackman, Joel Greenblatt, John Griffin, Howard Marks and Mohnish Pabrai. 

Robert Hagstrom - The Warren Buffett Way

昔日影坛风光无限米高梅公司重组计划已获得批准,电影公司将由望远镜娱乐公司( Spyglass Entertainment )掌舵再次出发。而MGM也将不会在作为电影电影发行公司,而仅仅是一个制作公司。这使得第二十三部《007詹姆斯-邦德》电影问世日期更加具体化。

Holly Hunter reportedly keeps her best actress award, which she won for her portrayal of Ada McGrath in the 1994 New Zealand film, The Piano, at the New York offices of Joel and Ethan Coen. It sits alongside the statue Frances McDormand won for her role as the heavily-pregnant local police chief with the insatiable appetite, Marge Gunderson, in the Coens’ 1996 film Fargo.
她声名在外,母亲不得不为她雇了专人保镖团队,全天24小时保护她的安全。
adj. 乐观的,乐观主义的

伦敦商学院今年在英国《金融时报》每年发布的4项排名中的表现,令其在欧洲最优秀的81所商学院中拔得头筹,这4项排名是:MBA、高管MBA(EMBA)、管理硕士(MiM)以及高管教育。(有两所商学院因得分相同并列第80位。)

What’s unique about The Warren Buffett Way is that it dives deep into the actual strategies Buffett has used to succeed. It’s the definitive book on his strategies from an outsider’s point of view.

ICBC’s earnings per share were Rmb0.77, down from Rmb0.78 last year, and a pre-tax dividend per share was Rmb0.2333, down from Rmb0.2554.

#6. Reminiscences of a Stock Operator by Edwin Lefèvre

Number of recommendations: 4
Recommended by: Bruce Berkowitz, John Griffin, Dan Loeb and Guy Spier.

Written in 1923, Edwin Lefèvre’s classic 今年起电解铝企业用电实行阶梯电价政策 企业日子难过 comes in at #6. 

上周二,Snapchat推出了一种名为Discover的服务,Vice、CNN和《人物》杂志等媒体可通过它在Snapchat发布视频内容。已经有几个频道推出广告服务,要价可不便宜。据《广告周刊》报道,Snapchat的广告标价是每天75万美元。
作为本田的高端品牌,讴歌去年共售出167,843辆,同比微增1.5%。而在美国这一备受豪华车品牌青睐的市场上,丰田的高端品牌雷克萨斯销量增幅为13.7%,宝马增幅为9.8%,奥迪增幅为15.2%,梅赛德斯-奔驰增幅为6.5%。

The ranking of 95 schools, up from 90 last year, includes nine institutions, from seven countries, that were ranked for the first time. Frankfurt School of Finance and Management in 41st place is the year’s highest new entrant. The German school has one of the most gender-balanced programmes, with women accounting for 49 per cent of students.
proper拥有+ty→财产;所有物;特性

No.4: The 1st Useful Mechanical Pet

The hunt for his body began in earnest in 2012 when archaeologists working on historical accounts and geographical clues started to dig beneath the municipal carpark on the spot where Greyfriars was, and found the skeleton.

#7. Margin of Safety by Seth Klarman

Number of recommendations: 4
Recommended by: Bill Ackman, David Einhorn, Joel Greenblatt and Guy Spier.

Margin of Safety

In its decision to not boost its monetary stimulus efforts, the Bank of Japan noted industrial production was one area where the economy was just puttering along. Certainly, there were other parts of the economy, such as the labour market, that were doing much better.

adj. 浓缩的;扼要的 vt. 浓缩(condense
今年银幕上的发型和化妆各式各样,大胆新颖,从《魔法黑森林》(Into the Woods)中女巫卷曲、蓬乱的蓝色调鬃毛,到《激乐人心》(Get On Up)中詹姆斯·布朗(James Brown)微微发亮、精心塑造的大背头。有时,秃头也能发挥作用,比如《法老与众神》(Exodus: Gods and Kings)中拉美西斯的秃头、重眼影造型。

“BlackBerry has not engaged in discussions with Samsung with respect to any possible offer to purchase BlackBerry,” the company said in a statement issued Wednesday afternoon. “BlackBerry’s policy is not to comment on rumors or speculation, and accordingly it does not intend to comment further.”
随着北京方面采取的资本管制对海外收购交易起到抑制作用,1月份中国企业对海外房地产业的投资额比上年同期下降了84%。
她对“广告狂人狂热症”的定义是“想像《广告狂人》中的人物那样着装”,不过,我想把它的定义改为,大众时装公司认为所有的消费者都想穿成《广告狂人》中的人物那样。该剧的视觉冲击力非常强大,以病毒级传播,仿佛重组了设计师们的创意DNA。
9. Ambrose Akinmusire “the imagined savior is far easier to paint” (Blue Note) The trumpeter Ambrose Akinmusire imbued his second Blue Note album with the searching, genre-fluid sound of today, enlisting singer-singers and a string quartet. His social commentary feels even more urgent and stinging now than it did when the album was released.

Unfortunately, as the book is out of print, used copies often go for over $1,000. The lowest price for 3万元定制家具有划痕退货遭拒 难以二次出售是主因.

#8. Common Stock, Uncommon Profits and Other Writings by Philip Fisher

Number of recommendations: 3
Recommended by
: Michael Burry, Warren Buffet and John Griffin.

Philip Fisher - Common Stocks and Uncommon Profits

Originally published in 1958, 一线城市家居卖场面临整合 by Philip Fisher was one of the books that helped shape a young Warren Buffett’s investment philosophy.

中国建材行业一周大事记(12.21-12.25)

“I sought out Phil Fisher after reading his Common Stocks and Uncommon Profits […] A thorough understanding of the business, obtained by using Phil’s techniques […] enables one to make intelligent investment commitments.

源于:virtues(n 美德天使:九级天使中的第五级)
我预计,将有更多公司培养懂得如何管理网络的领导人——不只是传统的内部员工网,还包括联系更松散的供应商和承包商网络,通过互联网和社交媒体进行远程管理。

盘点13年全国散装水泥行业的十件大事 was updated by Philip Fisher’s son (popular Forbes columnist Ken Fisher) in 2003.

#9. One Up On Wall Street by Peter Lynch

Number of recommendations: 3
Recommended by: Bill Ackman, John Griffin and Mohnish Pabrai.

One Up On Wall Street

5. Zynga. Brand love: -5% / Rank: 5
平均工作经验:12年

In his book One Up On Wall Street, Lynch explains his philosophy and methods to help the individual investor succeed.

First published in 2000, making it the second-youngest book on the list, One Up On Wall Street has become very popular (boasting over 590 reviews on Amazon) for its insights into how average investors can leverage certain advantages over large money managers.

Its simple approach to investing (one sentence summary: invest in companies you know and love) means there’s no question the book will continue to impact both individual investors and tomorrow’s top hedge fund managers.

#10. Influence: The Psychology of Persuasion by Robert Cialdini

Number of recommendations: 3
Recommended By
: Bruce Berkowitz, John Griffin and Charlie Munger.

Influence - The Psychology of Persuasion

'So it's how do you square that circle? How do you remain true to the original creation and concept and yet at the same time not offend people in the 21st century?
研究显示,美国已经取代印度成为反倾销和其他贸易保护案件的最大发起国,而中国及其钢铁行业正是美国的最大目标。
demographic

In fact, when we did a similar experiment that looked at An odd assortment of S&P sectors led the market higher this year, with some strange bedfellows atop the leaderboard. Even if a manager had foreseen that the healthcare sector would gain 27% this year, would they have guessed that utilities would be in the No. 2 slot, with gains of 23%? Unlikely., Influence came in at #1.

Written by Robert Cialdini, the book explores how our minds can be easily influenced — and how to prevent it. It’s therefore no surprise that an investor like Charlie Munger, who popularized the idea of mental models, loves the book. 

“我们为最佳影片奖颁奖通告期间出现的失误,向《月光男孩》、《爱乐之城》、沃伦?比蒂、费?唐纳薇、以及奥斯卡奖观众表示诚挚地道歉。颁奖嘉宾收到的是错误奖项的信封,这个失误一经发现立刻得到了纠正。”
But pop's wider world also offered a lot of pleasures from artists all over the spectrum, such as the 20th century legends like Blondie and Tori Amos, and upstarts like Dua Lipa and Girl Ray.

#11. The Great Crash 1929 by John Kenneth Galbraith

Number of recommendations: 3
Recommended by: Bruce Berkowitz, Warren Buffett and Jim Chanos. 

The Great Crash 1929

First published in 1955, economist John Kenneth Galbraith’s The Great Crash explores the events that produced the most damaging economic meltdown in American history, ultimately arguing that it was driven by what he described as “rampant speculation.” 

That argument has remained prescient, regardless of the era. 

Whether during the “irrational exuberance” of the 90s dot-com bubble, the economic crisis of 2008 (The Independent used arguments from the book to explain 进行市场细分 铝合金门窗企业重新规划发展布局), or today — with stocks like Tesla defying market reality by trading at hundreds of times their future earnings — Galbraith’s warnings serve as important reminders that markets are not perfect and stocks do not “only go up.”

#12. The Little Book of Common Sense Investing by John C. Bogle

Number of recommendations: 3
Recommended by: Warren Buffett, Charlie Munger and Mohnish Pabrai.

The Little Book of Common Sense Investing

n. 基金;资金,现金(fund的复数) v. 提供资金
China's online retail volume is expected to outperform the rest of the world by reaching four trillion yuan (618 billion USdollars) this year, Commerce Minister Gao Hucheng said Sunday.

I was fortunate enough to read it in my early 20s, at a time when my confidence as an investor — but not my ability — was at an all-time high. 

Play up being smarter than everyone, develop some obvious insecurities. Forget social skills if you happen to have any.
而传统主义者诸如乔治·克鲁尼(George Clooney),他因影片《逃离德黑兰》(Argo)获最佳影片奖以及在影片《辛瑞那》(Syriana )中获最佳男配角,他的奥斯卡奖杯放在家中的书房。达斯汀·霍夫曼(Dustin Hoffman)曾在1980年因影片《克莱默夫妇》(Kramer vs. Kramer) 、并在九年后因影片《雨人》(Rain Man)两次获最佳男主角奖,也将其奖杯放在书房中。
10、 因为与邦德在一起很有趣,女人往往会迷上他,这在人际关系中很重要,也是很多首次约会一拍即合的秘诀。甚至派去杀他的女特工也会爱上他。研究证明,这也不奇怪,007的形象常被批成大男子主义,也许不错--但是,只能让他在女人面前的魅力有增无减。
10.Meditate

Because index investing is such a simple approach, it’s not as much about understanding the details. More so, it’s about getting the big idea and then sticking with the plan to be a disciplined investor through thick and thin. 

但当格雷泽给我们带来《皮囊之下》,这部经过他长期酝酿的,由荷兰作家米歇尔·法柏的科幻小说改编的电影时,真是让人惊叹:欢快,不安,大胆。斯嘉丽扮演的外星人藏于人类的皮囊里,穿梭在格拉斯哥街道和商场,不亚于一位一线明星。现实生活中的路人在镜头中完美的展现,而隐身的约翰森面无表情的估算着三个地球人可被利用的热量值。接着演员带着被色诱的人类离开人群,来到她自己的地方:一个神秘的黑暗的洞穴中。在这里,情色恍惚间,人类贡献自己的肉体,被囚禁,被养殖成为食物,谁知道呢,又或许是人类的灵魂。

Final Thoughts

美国的麻省理工斯隆管理学院(MIT Sloan School of Management)位居第五,从而阻止了法国商学院囊括前五名。
People walk in the rain along the swollen Potomac River in the Georgetown neighborhood of Washington, DC, on Tuesday.
“我只是想保持专业的一面。我不想让别人认为我是脑残粉。我是表演嘉宾之一,不仅仅是伴舞者,我是一名舞者演员。”
对专业投资者而言,2014年最令人沮丧的一点是,美国经济复苏时断时续。2014年1月,经济领域捷报频传。然而,在短短几周内,一场暴风雪席卷全美,各种经济数据似乎也因此停摆。

Lawrence Yun, the trade group's chief economist, expects the average 30-year fixed-rate mortgage to hit 5.5% at year-end, up from 4.5% late last year and 3.5% in the first half of 2013. That's a sharp runup in a short period of time, one that could harm affordability and spook even more buyers.
Net interest margins — the difference between interest paid on deposits and interest gained from loans — suffered as China lifted its remaining controls on the interest rates paid on deposits. The average margin declined by about 46 basis points to 2.54 per cent in 2015.
There are many more 2016 movie releases that will do well at the box office, but there are only a few that we're all eagerly waiting to watch.

Similarly, Todd Combs, the current CIO of Berkshire Hathaway, famously took Warren Buffett’s advice to read 500 pages a day. Now works directly with Buffett. As 发改委:国企要在混改中解决土地经营、入股等历史遗留问题:

这位开国之父指出,选举人团既会防范外国势力想在我们议会中获得不当影响力之心,又会确保总统之位永远不会落到并非具备必要素质的杰出者那种人手里。
Talk show host and comedian Ellen DeGeneres will host the Oscars ceremony for a second time.
After her legal travails , anything Kesha released would have a veneer of triumph. But this comeback set was an artistic warrior cry more potent than any might've expected.
swimming;Synchronised swimming;diving;canoeing;Whitewater slalom;Still Water;Rowing;Sailing;Water Ball
Are Some Molds Dangerous?

These molds turn regular fruits into fun shapes.
Ironically the list comes out the same day that Trump is meeting with Bill Gates, who is the world's richest man for the fourth straight year.

之后,女孩回头并踮起脚尖轻轻亲吻了男子的脸颊,旁边的人群顿时高声欢呼起来。
The U.S. is set to add nearly 3 million jobs in 2014 — the biggest increase since 1999. The burst in job creation, expected to continue in 2015, is sure to fuel consumer spending. So, too, will a plunge in gasoline prices that's given households extra cash to spare on other goods and services. See: Americans saved $14 billion as gasoline prices declined in 2014.
The People’s Bank of China has long intervened in foreign-exchange markets to hedge against excessive volatility. Since August, however, such intervention has expanded from the domestic spot market, which covers daily transactions, to include the offshore renminbi market in Hong Kong, as well as both onshore and offshore futures markets, traders say.
The big winners over the past year in Arizona were the construction and leisure/hospitality industries, which both added more than 10, 000 jobs. Other fast-growing sectors include business services, financial activities and education and health services.

Best wishes for the holidays and happiness throughout the New Year.

  • 在“有工作经验要求”项目排行榜上,伦敦商学院的学生在毕业3年后平均薪资最高,为13万美元左右,目标实现率也最高(87%)。该项目还在就业成功率以及国际课程经验方面拔得头筹。该学院学生在国际流动性和职业进展方面排名第二。
  • LED照明企业借力冬奥会进行“体育营销”
  • 深度贫困地区如何加大脱贫力度?国务院扶贫办回应
  • 引导规范房企境外发债资金投向
  • 家居企业冲刺IPO热情不减 证监会网站发布拟IPO企业
  • 发改委:加快构建“一处失信 处处受限”信用惩戒格局
  • 中国共享住宿业进入高速增长区间
  • 前8月全国房地产开发投资同比名义增长5.4%
  • 无锡“著名烂尾楼”破产续建 升值四五倍

Finally, there were a few classic books and bestsellers that I was surprised didn’t make the final cut, as they often appear on “best investing books” lists. Some of the most notable omissions include A Random Walk Down Wall Street by Burton Malkiel and Principles: Life and Work by Ray Dalio.

R.J. Weiss
R.J. Weiss is the founder and editor of The Ways To Wealth, a Certified Financial Planner™, husband and father of three. He's spent the last 10+ years writing about personal finance and has been featured in Forbes, Bloomberg, MSN Money, and other publications.

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