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Below are
a list of books I have read which I think deserve to
be read, and will most definitely form your
knowledge foundation. They are lucid and accessible. |
|
Bernstein,
W. (2002), The Four Pillars of Investing: Lessons
For Building A Winning Portfolio, New York:
McGraw-Hill. The second book by Dr. Bernstein which
is a much more accessible version than his first. A
superb book. Although I would not like to draw
parallels, since Dr. Bernstein is a lot smarter than
I, interestingly we both do not have primary
vocations within finance which allows us a level of
freedom. |
|
Bogle,
J.C. (1999), Common Sense on Mutual Funds: New
Imperatives for the Intelligent Investor, New
York: John Wiley & Sons Inc. As many would say
“Thank God for John Bogle”. He is the founder of The
Vanguard Group which were pioneers in the creation
of passive investment products, and continue to be
leading advocates for low-cost index investing
strategies. |
|
Taleb, N.
N. (2001), Fooled by Randomness: The Hidden Role
of Chance in the Markets and in Life, New York:
Texere Publishing Limited. One of my favourites
which I have reread on countless occasions. A must
read as it will put many irritating life experiences
into perspective. |
|
Gibson,
R.C. (2000), Asset Allocation: Balancing
Financial Risk (3rd Edition), New York:
McGraw-Hill. One of the earlier books on asset
allocation. A good book that remains relevant today. |
|
Bernstein,
W. (2000), The Intelligent Asset Allocator,
New York: McGraw-Hill. A good book on asset
allocation, but sorry, it is a difficult read for
many. Well worth the effort for those that want an
in depth knowledge of the subject. |
|
Damodaran,
A. (2003), Investment Philosophies: Successful
Strategies and the Investors Who Made Them Work,
New York: John Wiley & Sons, Inc. A good book for
dispelling investment myths. Unfortunately the
author is an academic and his writing style is
somewhat laborious. More of a reference work than a
good armchair book on the subject. |
|
Evensky,
H.R. (1997), Wealth Management: The Financial
Advisor’s Guide to Investing and Managing Client
Assets, New York: McGraw-Hill. Every Financial
Planner should have this book in their collection.
It still remains very relevant today. This book
together with the works from William Bernstein got
me started on my voyage of discovery. |
|
Lowenstein, R. (2002), When Genius Failed: The
Rise and Fall of Long-Term Capital Management,
London: Fourth Estate. This book reads like a
thriller. A must read as it will put it all in
perspective. Not even Nobel prize winners can
outsmart the market. If you are still convinced that
hedge funds are the answer after reading this, well
then there is no hope. |
|
Malkiel,
B.G. (1999), A Random Walk Down Wall Street,
New York: W.W. Norton & Co. One of the earlier works
on random walk theory. Still relevant today, but
there are better books available. This book is still
considered an icon. |
|
Michaud,
R.O. (1998), Efficient Asset Management: A
Practical Guide to Stock Portfolio Optimization and
Asset Allocation, Massachusetts: Harvard
Business School Press. A really tough read, and
unless you really want an advanced peek into the
world of constructing forward-looking portfolios,
don’t bother. It was the ‘holy grail’ for me which
has kept me busy with research ever since. I
continue to test new methodologies and sharpen my
skills as a result, and am never quite sure I have
cracked it. |
|
Ross, R.
(2002), The Unbeatable Market: Taking The
Indexing Path To Financial Peace of Mind,
California: Optimum Press. A gem. Prof. Ross has an
easy writing style, and dispenses advice in a very
understandable and clear manner. You will enjoy this
book. |
|
Bernstein,
P.L. (1996), Against the Gods: The Remarkable
Story of Risk, John Wiley & Sons Inc. A great
book to explain risk. It is somewhat complex, and a
large read, but definitely worth putting in your
collection. |
|
Swedroe,
L. E. (1998), The Only Guide to a Winning
Investment Strategy You’ll Ever Need: Index Funds
and Beyond – The Way Smart Money Invests Today,
Truman Talley Books. A great book that is easy to
read, and will get your blood boiling. |
|
Shefrin,
H. (2002), Beyond Greed and Fear: Understanding
Behavioral Finance and the Psychology of Investing,
New York: Oxford University Press. No collection
should be without a book on investor behaviour, and
there is none better than the one from Prof. Shefrin.
You will be surprised at the mistakes we all make. |
|
You will
note that there aren’t many books from South African
authors. This is not because there aren’t any. There
are many, just that none of them are revolutionary
and they tend to dispense the same old platitudes.
Out of the many though there is one, I feel, that
provides a lot of really useful information.
Swart, N. (2002), Personal Financial Management
2nd Edition, Cape Town: Juta. |
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