There's a lot of investment books on the profile market, but there's too little good books, and if you want to set up an investment framework for yourself, then i think the eight books that fit in from different angles of investment would be of great help to you, and at least every one of them here will have a great impact on my personal knowledge of investment
It is said that investment requires a common understanding, and that it is a prerequisite for doing it. You need to know before you can do it。
So if you're going to invest, reading is the first step, and it's essential。
Charlie munger once said that reading brings me so many benefits that none of the smart people i've met in my life are reading every day. Everyone is reading, and buffett and i may have read more than you think, and even the children say, "i am a book with two legs."。
In short, if you have the idea of systematically investing in learning through reading, and you don't know where to start, you can't miss this list。
Investment books are huge, from entry to mastery, from philosophy to reality. I have prepared a classic book list for you, from the beginning to the beginning, with suggestions for reading。
I. Book recommendation 1, smart investors
The author, benjamin graham, is the investment enlightening teacher of the boffert, and one of his two most representative works, called the “bible” of the investment community。
The investment presented in this book is quite extensive, with an analytical presentation of equities, bonds, the fund's portfolio of knowledge and investment methods, and a summary of three very important investment concepts of the investment community, namely:
1. Price and value fluctuations. The stock has its intrinsic value, and its price has always fluctuated around its intrinsic value, in the words of buffett: the stock price is like a dog who walks with the owner, the owner will walk along the road, the dog will run to the owner, then to the owner, and when the owner comes to the destination, the dog will naturally follow, and in the process the master's movement will always be relatively clear, and the dog will walk randomly, so just keep an eye on how the owner walks, and not too much attention will be paid to how the dog runs。
2. Capability circles. Before making an investment, you have to have a good understanding of the product you're going to invest, and be able to judge his intrinsic value, rather than what he's looking for, and to keep up with his skills。
3. Security margins. It is safe to buy stocks when their prices are significantly lower than their own values, and vice versa, it is not safe to have a security margin, which, in a popular adage, is worth a dollar at a price of 30 cents。
According to the author, you are at that threshold after reading the book, without knowledge of stock pricing mechanisms, without knowing your circle of competence, and ignoring the security margins is the main reason for most investors ' losses。
Buffet's letter to shareholders
Another wall street book, referring to stock investments, i don't think anyone's ever mentioned "share god" buffett, but buffett's books are full of books, like snowball, buffett, buffett's way of investment, buffett's left hand, soros, etc., but that's it, if i were to take the lead on old books。
The book contains a large number of questions and answers from the buffet shareholders' conference, focusing on a wide range of issues such as corporate governance, financial investment, corporate consolidation, accounting, taxation, and so forth. It provides us with a clear picture of the growth trajectory of the equity gods, presenting the ideas and ideas that buffett made at different times, including what he did, how he made his choices, and the books that best reflected the idea of buffet investment。
So, listen to it, watch what you do, read it and believe it'll really touch you. Why does buffett have decades of “equity god” in his core investment philosophy, which is cash-flow-oriented, using the idea of equity investment, which the master of investment does by constantly making investment simple。
3. Positive asset allocation guide
It's a very practical book, and it's like an investment light, and if until now you buy stock or follow the market for hot spots, fire the concept, run around like a fly without a head, just read it, maybe it'll tell you when to do something。
As the book says, the economy has four different cycles of recovery, overheating, stagnation and recession, as it does in the four seasons of spring, summer, autumn and winter. For investors, it is to understand the economic cycle and then to adjust the allocation of equities, bonds and commodities at six different stages of investment, along with the rotation of the stock industries and the corresponding valuation methodology。
4. The most important of investment
Even buffet read it at least twice and praised it, with little in the book about investment methods, mainly about investment philosophy and investment values, and basically some of the confusion we encounter about investment that can be found in the book, which will give you a deeper understanding of investment wisdom。
In addition to the periodicity, the clockwork theory, and the limitations of luck and predictions, the book most impressed me with the second tier of investment thinking and thinking about risk。
1. Second tier of thinking. It's a dynamic investment thinking, like thinking on the first level, which thinks it's a good company, let's buy stock, and thinking on the second level will tell you that it's a good company, but everyone thinks it's a good company, and it's not cheap, so it's no longer a good stock. In sum, the first level of thinking is superficial and superficial, while the second level is more subject to consideration, and needs to be demonstrated through repeated analysis of data before drawing conclusions that combine current psychological expectations and the gap between market consensus and reality. Only those who are good at second-tier thinking can have the ability to go beyond markets。
Risk control. Risks are hidden and not only visible risks are called risks. Distinguished investors are not because they generate much, but because they create the same, while keeping the risk to a minimum, which is three times as easy as the old saying, three times as easy. Many of the investors who now perform well are likely to catch up as well, and those who actually cross the bear buy the most cattle, like buffett, and even miss the big cows like microsoft, apple, google, which are decades of “equity”, the key lies in his excellent risk-control capabilities, which have never been substantially reversed in decades of investment。
5. Stock for memory
This book, which is the most classic stock market book in 100 years, has been strongly recommended by buffett and soros, and i think i need to stop talking and most people should have read it。
The book focuses on the story of the owner, li fomore, who started with five dollars, three drops and three drops, showing you enough what greed, fear, big rises and falls are, finally, $100 million at the age of 40 (at least 100 million at the time, at the present time) and becoming the legend of the first person in the 100-year-old united states stock。
Although the book is somewhat old, many of the ways in which it works are still very useful to the shareholders, and since it was written by him in his late years, it is all the more self-absorbed, exposing many of the stock-market blackouts at the time, and finally, the author exhorts you not to write inside, because all of them were distributed to you by manipulators。
6. The psychological analysis of transactions
The book author douglas, whose sales have been a long-standing investment in the amazon bookshop, is one of wall street's classics。
The core idea of the book is that markets are possible, not always according to our own predictions, and that the drowning is water. As long as the transaction is risky, we must not run away because of the risk, but rather to manage the risk and embrace it. Consider, through winning thinking, that when you consider the consequences of failure and are well prepared, all that remains is to do what is most right now。
In addition, many of the books refer to the mental weaknesses that ordinary investors may have in their transactions, and they all refer to the hearts and minds of many. I think that when you finish reading this book, you'll basically be able to solve the psychological problems of the deal and know how to make yourself think like a professional investor。
7. The city mayor's line law
The author is the famous professor siegel, a book whose vast amounts of data are still cited in major investment books, an unfailing classic on wall street, and one of the 10 best investment books ever。
The book reviews, inter alia, the history of financial development worldwide, with the united states as the main focus, for the period 1802-2012, and provides extensive data on the general pattern of investment. In summary, there are three main points:
In the long run, equities have an absolute yield advantage over investment products such as bonds, gold and the best type of investment。
2. Long-term holding index funds can largely defeat 90 per cent of investors in the market。
3. The difficulty of investing lies in the anti-humanity, and you dare to overcome the psychological obstacles in the market。
The sun tzu act
Seven of the previous series were foreign investment books, and in the end a domestic one was recommended, unfortunately not directly related to investment. One thing we have to admit is that investment books in europe and the united states do know better, after all, their capital markets have been working for centuries and are sinking deeper; we are less than 30 years old, and most investment-type books are still agitated, perhaps even in the snowball series。
And while this sun tzu law is all about military warfare, i believe that investment and war are in many places linked to each other and are a game of humanity, and that winning requires a great deal of wisdom, in addition to certain skills。
Those references to the sun tzu act as a method of warfare do not really understand its core wisdom. Indeed, the sun tzu law does not speak more of the “act of victory” than of the “act of non-failure” and advises us not to fight the enemy while we are at war, but to make sure that we are not defeated before we have a chance to win. In this context, the same applies to the concept of investment。
So investment should also be like war, not to win at risk, not to win at once, but to calculate the odds and the possibilities, when you have enough。
Ii. Reading the recommendations and the road map
Step by step: don't come to smart investors all at once, and may give up for boredom and incomprehensible. It is recommended that it be read in the order of the introduction step forward actual combat/psychological。
Exact reading, not general reading: classic books are worth reading over and over again, and every time there are new gains. Read and think, try to write books。
Practice and convergence: after reading, try to analyze companies and markets in reality with the ideas in the book and even practice with a simulation。
Maintaining doubts: none of the books are “givables”, including buffet. It is important to understand the logic behind it and to develop its own investment system in the light of its own realities (risk tolerance, volume of funds, level of knowledge)。
I hope this book will be a good helper for your investment tour. Have a nice reading
1. Initial building blocks: building the right vision for investment (necessary
Instead of teaching you “fast-tracking skills”, these books teach the most basic and central concepts of investment philosophy and finance. It is strongly recommended to begin with this section。
Puppet money -- bodo scheffer
It is appropriate for the population: a completely zero-basic tact, even for parents and children。
Core elements: telling the most basic financial rules in the form of fairy tales, such as how to build self-confidence, how to distribute money, how to raise a “gwan” (investment capital), how to get out of debt. Language is easy, but profound。
Why read: building a positive attitude towards money and finance is the basis for all investments。
"the poor daddy, the rich daddy" - robert kiyozaki
Suitable for people: confused about the “work-for-work” model and interested in knowing “let money work for oneself”。
Core content: reversing the traditional notion of “good school, good work” and emphasizing the importance of “financial knowledge” and “financial agents”. A distinction was made between assets (the things that put money in your pocket) and liabilities (the things that took money from your pocket)。
Why read: reshaping the concept of wealth and stimulating interest in learning to invest in finance. (note: the specific real estate investment strategy in the book is more applicable to the united states market, with a focus on learning its thinking patterns rather than replicating them
"neighbor's millionaire" - thomas stanley
It's good for people: people who think that rich people are rich and rich and rich by luck。
Core: through extensive research studies, the real lives of millions ofaires in the united states are revealed: they are usually economic, low-key, well-planned, live in ordinary middle-income communities (so that they are “neighbors”). Wealth derives from accumulation and planning rather than income。
Why read: to build the right view of wealth and to understand that “reserve” and “planning” are the primary factors in the accumulation of wealth。
2. Progress class: value investment and market wisdom
When you have the right ideas, then you need to learn mature investment philosophy and methodology. This is part of an investment's “internal merit approach”。
Smart investors -- benjamin graham
Suitable for people: all investors who wish to make rational, long-term investments. It's called "value investing in the bible."。
Core content: core concepts such as “mr. Market”, “security margins”, “investment vs speculation”. Investors are taught how to analyse the intrinsic value of the enterprise and buy it at a price below value, thereby controlling risk。
Why read: it's a book buffet has been promoting, laying the theoretical foundation for value investments. (recommended to read the annotated version, easier to understand)
Buffet's letter to shareholders - warren buffett
For people: there is already a foundation for investors who want to learn more about bafet and birkheil khasawe's investment ideas。
Core content: this is not a book written by buffet, but a collection of his annual letters to shareholders in the company. The book details his investment philosophy, corporate governance, accounting standards, mergers and acquisitions, and valuations。
Why read it: learn firsthand the most real and original investment ideas of the bourgeois。
The book of poor charlie - charlie munger
People-friendly: readers who want to expand their thinking patterns and learn interdisciplinary wisdom to improve investment decisions。
Core content: the buffet partner charlie manger's speech and transcript. At the core are the “multiple thinking model” and the “lollapalooza effect” (a combination of psychological tendencies leads to extreme consequences). Teaching you to analyse and solve problems using models of different disciplines (psychology, physics, biology, etc.)。
Why read: make you not just a better investor, but a wiser man。
3. Operational strategies: different types of investment approaches
With introspection, some “shows” are needed. These books provide more specific market analysis and operational strategies。
"happy stock market" - william o'neil
(c) targeted people: investors interested in investment in trend, growth and equity and wishing to have a set of specific options and rules for buying and selling。
Core: the well-known can slim stock selection code is presented, combining basic analysis (earnings) and technical analysis (market timing). The importance of “stopping losses” and “following market trends” was emphasized。
Why read: provide a market-tested and systematic growth stock investment strategy。
"the most important thing about investment" - howard marks
Target population: investors with market experience wishing to understand market cycles, risk controls and reverse investments。
Core content: based on the author's well-known investment memorandum, key concepts such as “second-level thinking” beyond the market, understanding risks, identifying market cycles, and taking reverse investments are articulated。
Why read: teach you how to think like a master of investment, especially in extreme market situations, to remain calm and rational。
Common fund knowledge -- john borg
(c) for the appropriate population groups: general investors who do not want to spend too much time studying a unit and who wish to invest in the long term through funds (especially index funds)。
Core: the classic work of john borg, father of the index fund. There is a strong case for why low-cost, widely dispersed index funds are the best option for long-term investments for most investors。
Why read it: if you decide to follow the path of "indicative fund for votes", the book will give you a firm conviction and a complete methodology。
4. Psychiatry and behaviour: defeating the inner enemy
Investment is ultimately a game of humanity. This part of the book helps you to recognize and overcome your own psychological prejudice。
Thinking fast and slow -- daniel kanyman
Target population: all investors. Kaniman is the nobel laureate in economics and the founder of behavioural finance。
Core content: reveals two systems of thinking in the human brain — fast thinking (intuitives, system 1) and slow thinking (reasonableness, system 2) — and the resulting dozens of cognitive prejudices (such as overconfidence, loss aversion, anchoring effects, etc.)。
Why read: understanding these prejudices is the first step in avoiding them. It's the highest masterpiece of investing in psychology。
Transaction psychoanalysis -- mark douglas
Suitable people: especially short-term traders and investors who often do not stop。
Core elements: an in-depth examination of why investors repeat the same psychological error in the market and how sustained stability can be achieved through training to build “probability thinking” and “dealers mentality”。
Why read: raise investment from the “right-to-right” to the “probability and enforcement” level。
Finally
Brothers, reading is a cumulative thing, and when you look at enough investment-type books, you feel that the knowledge of investing is actually so much, that most views are very different, and that the hard thing is that it is to read the backs of humanity, to wear away the wrong thoughts of the past, to trim the branches that have grown up again and again through practice, and naturally you take the right investment experience that the masters have taught up to the right level of faith until the right investment path goes further。
There are a lot of investment books in the market, but there are too few good books, and in order to set up an investment framework for myself, i think that these eight books, which coincide with each other from a different angle of investment, would certainly help you, at least if each one of them had a great impact on my personal perception of investment。
Finally, the brothers are advised to take less time to read the disk and to read more. The investment market will reward you with money。
It reminds us that investments are risky and market entry is prudent and this is not a financial advice for investments。
