The Best Investment Books on Value Investing
Many successful investors read investing books voraciously as they have a thirst for information on stock investment. Well written books on investing allow investors to keep up to date on the market as well as providing a thoughtful analysis of the past and valuable insights about the future. This can provide an outline for what works and what doesn't. Books on investment can be generally be divided into a number of categories including ...
While there are thousands of books similar to those above lining the shelves of bookstores, there are relatively few dealing with value investing that are available for interested investors. They offer strategies that when applied to the reader's individual financial situation may allow them to reap enormous financial benefits. The best investment books from my value investing perspective are outlined below. Value Investing (Bruce C.N. Greenwald et al) An important read for stock investors as it provides an extensive summary and explains the innovations in the field as practised by some of the most successful investors. It is more informative than many other books about the subject and ranks highly in my estimation as a stock market investing book. It should be required reading for the discerning investor.
The Intelligent Investor-4th Ed. (Benjamin Graham) Benjamin Graham has been variously described as the father of value investing and the greatest investment advisor of the 20th century. Does one need to say any more in order to suggest that this book, The Intelligent Investor, is essential reading in order to discover the Graham value investing approach?
The Essays of Warren Buffett (Lawrence A. Cunningham) The author has selected and arranged material from Berkshire Hathaway annual reports for this book. Warren Buffett commented on Cunningham's book by saying: “His book is far better than any of the biographies written to date. If I were to pick one book to read, this would be the one.” Does that say enough?
Brian McNivan advocates calculating fair value of a stock using straight forward arithmetic, and outlines this approach in his book. It is the approach that I favour as it is an 'absolute' approach in that it does not rely on the current price of the stock.
The Richest Man in Babylon (George S. Clason) This is one of the classic, if not one of the best investment books and while it is not directly concerned with stock value investing, it has been described as holding the key to thrift, financial planning and personal wealth. As such, it deserves a mention in my list. The Little Book of Value Investing (Christopher H. Browne) Christopher H. Browne distills his decades of value investing into this book. It provides insights that can be only obtained by experience. Unlike Brian McNivan's book, this is not a book for those looking for an arithmetical formula to determine the intrinsic value of stocks. But it is still a valuable read in my opinion. Active Value Investing (Vitaliy N. Katsenelson) Vitaliy Katsenelson discusses how to achieve success in long-term sideways moving markets. To justify his argument, he discusses the historical performance of the U.S. market over the last two centuries and what caused prolonged bull, bear and range-bound markets. The recent global financial crisis may well lead to the type of market he outlines. More importantly, he provides insights on how to invest in such market conditions.
These books are not only the best investment books from a value investors point of view, they are sometimes amusing reading for the budding value investor. They are worthy of careful study.
Related Article:Rich Woman: A book on investing for women - A book that argues that women investors have more advantages than men. Worth a look?
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