Wall Street Reading List

Wall Street Reading List

I have found that the two most effective ways to learn are to talk to new people and read important books. This post covers the key books to read to learn about markets, investing, trading and hedge funds. I have read all of these myself at some point in the last 17 years and feel good recommending them. 

I have sorted them in to key categories. You should try to read one or two books from each category. I’d love to hear your views on them, and please send me the ones you liked.

 

History of Wall Street:

Reminiscences of a Stock Operator – the oldest book in the list, but still relevant for our time. If you want to be a trader one day, you need to read this book.

Manias, Panics, and Crashes: A History of Financial Crises – crashes and panics have been around for centuries. This book cover the biggest ones. It’ll also give you some clues on how to see them coming and understand what’s needed to survive them.

Liar’s Poker – I think everyone who works on Wall Street has read this book. Enough said.

When Genius Failed – must read book by Roger Lowenstein about the failure of one of the biggest hedge funds in history. A tale of hubris, greed, panic and fear.

More Money Than God: Hedge Funds and the Making of a New Elite – history of the biggest and most influential hedge funds we have seen in the last century.

Too Big to Fail – this book will put you in the room with Ben Bernanke, Hank Paulson and Dick Fuld. Well written book by a great journalist, giving you a punch by punch feel of the credit crises.

The Big Short – if you enjoyed the movie, you will like the book even more. Michael Lewis is the best financial writer of our time, and you’ll learn a lot about the housing / credit crises from reading it.

 

Learning from the Greats:

The best way to learn about investing is to study the most successful investors and traders of our time. This section covers books on Value Investing such as Intelligent Investor by Ben Graham, to The Market Wizards series that contains interviews with the greatest traders. There are a lot of classics here, so pick and choose based on what you want to learn about this month.

The Intelligent Investor – Warren Buffet says this book was his best investment ever !

The New Market Wizards: Conversations with America’s Top Traders – I love Jack Schwager’s books. He interviews the best hedge fund managers for three to fours, discussing their strategies, tactics and their approach to the markets. This was his latest.

Market Wizards, Updated: Interviews With Top Traders

Hedge Fund Market Wizards: How Winning Traders Win – This was Jack’s 1st book and probably my favorite.

The Alchemy of Finance – Everyone knows George Soros (he made $1bn on one trade), here’s a book written by him.

You Can Be a Stock Market Genius – Joel Greenblatt’s classic. His hedge fund annualized 40% over twenty years.

Fooled by Randomness – A Nassim Taleb classic. How to use black swans in your life.

The Most Important Thing – A book by Howard Marks outlining what he thinks are the most important investing rules. He runs the $100bn Oaktree Capital Management.

One Up On Wall Street – Peter Lynch generated almost 30% annualized returns while managing the Fidelity Magellan fund from 1977 to 1990. Thats one of the best track records ever, and that too at a mutual fund.

 

Investing Techniques:

This section is a little deeper and really tries to focus on the art & science of investing. These books will teach specific tactics and processes to be a better investor and trader.

Common Stocks and Uncommon Profits and Other Writings

Investing: The Last Liberal Art

Trend Following: Learn to Make Millions in Up or Down Markets

The Manual of Ideas: The Proven Framework for Finding the Best Value Investments

Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude

What I Learned Losing a Million Dollars

Distressed Debt Analysis: Strategies for Speculative Investors

Value Investing: From Graham to Buffett and Beyond

Fooling Some of the People All of the Time, A Long Short

Financial Shenanigans

 

Blogs:

Value Investing World

Market Folly

Value Walk

Contrarian Edge

Farnam Street

 

Go ahead, see what you’ve been missing. 

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