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We have developed the following reading list for those interested in gaining a deeper understanding of the capital markets. We have attempted to list them in increasing difficulty as you move down the list. By clicking on the title you will be linked to Amazon.com for purchase.
1. The Coffee House Investor, by Bill Shultheis, is an excellent and easy to read introduction into the basics of asset class investing and modern portfolio theory.
2. What Wall Street Doesn't Want You to Know, by Larry Swedroe, an indepth analysis of passive versus active management. A must read for those who believe it's possible "to beat the market".
3. A Random Walk Down Wall Street, by Burton Malkiel, an investment classic first written in 1973. Malkiel discusses the workings of the financial markets and different investment techniques, ultimately favoring the passive techniques with reinforcement of the efficient market theory.
4. Common Sense on Mutual Funds, by John Bogle. Bogle is the founder of The Vanguard Group and a champion for the individual investor. This book has as much information you could ever ask for on the subject of mutual funds.
5. The Four Pillars of Investing, by William Bernstein. For the seasoned investor, this is a fantastic book on modern portfolio theory and how it relates to building an efficient low-cost portfolio.
6. Asset Allocation, by Roger Gibson. This book is included in many curriculum for advanced study such as the Certified Financial Planner and Certified Investment Manangement Consultant designations. Gibson, referred to the father of asset allocation, provides an excellent read on the benefits of asset allocation.
7. Winning the Losers Game, by Charles Ellis. A great book on the importantance of developing Investment Policy Statements.
8. The Intelligent Investor, by Benjamin Graham. This is a more readable version of his original classic Security Analysis. For those investors who want to learn to truly invest in individual securities, this is the best book.
9. The Management of Investment Decisions, by Donald Trone, William Albright and Philip Taylor. An invaluable guide for fiduciaries such as investment advisors, trustees of retirement plans and trust officers. The authors outline an investment management process that mitigates to the greatest extent possible fiduciary liabilty.
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