Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 3
It's free - glad to help.

On the value side, I'd recommend the best book nobody every heard of:
The New Finance: The Case Against Efficient Markets
by Robert A. Haugen

Haugen's a finance professor, who covers the academic research up to the mid-90s on value investing techniques, including their basis in research on psychological errors. Very convincing.

Other books related to value investing:
The Money Masters, by John Train (covers Buffett before he was well-known, Phil Fisher, and Templeton, among others)
The New Money Masters, by John Train (not as good a book, covers some people I'm not too impressed by, like Jim Rogers, but also covers John Neff, one of the truly great value investors)

If you decide you want to be a value investor, other useful reading includes Buffet's letters to shareholder of Berkshire ( and the quarterly reports of Marty Whitman at 3rd Avenue (

For Asset Allocation issues (which should be the core of any investment approach), read

Asset Allocation: Balancing Investment Risk, by Roger C. Gibson

Also, I love the book
Capital Ideas by Peter L. Bernstein, which covers in a wonderfully readable book all of the key ideas of modern academic finance related to investing.
In the same vein, look at
Classics: An Investor's Anthology, by Charles D. Ellis

For momentum investing, check out the Mechanical Investing boards and Foolish Workshop boards here (with their FAQs), also look at What Works on Wall Street and Invest Like the Best by James O'Shaugnessy.

For growth stock investing, read
Common Stocks and Uncommon Profits, by Philip A. Fisher
very old book, describing a very RuleBreaker kind of approach, which Fisher used very successfully

Finally: only read this stuff if you enjoy it. Since index funds do fine, and there's no guarantee that even if you put in a lot of work and thought you'll do better than you would have done with index funds, it's essential that you enjoy this stuff, else there's no point. No one is going to get rich by investing - we get rich by saving. We invest so our savings will grow - but the yearly additions are what feeds it.

The only people who get rich from investing are the brokers and money management companies. Have you heard the old joke about the customer's yachts? Warren Buffett and George Soros both got rich by investing other peoples money, once they were rich they got super rich by investing their own.


Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.