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<SPAN
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<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Books, We Know, Are a Substantial
World....<SPAN
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<SPAN
style="FONT-SIZE: 12pt; COLOR: black">undisclosed-recipients:;<FONT
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<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Global Strategy November 25, 2002
"Books, We Know, Are a Substantial
World...." Barton M. Biggs <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">I published this list ten years ago and I
keep getting requests to update it, so here it is in all its infamy. Reading
books about investing does two things for you. First, as investors, we
are only the limited product of our own experiences and therefore vulnerable
unless we read and assimilate the accumulated wisdom of the great ones.
Second, as it says on the façade of the Library of Congress: "Those who have
not studied the past are condemned to repeat it." Economic and
particularly financial history definitely tends to repeat itself. I have
two long shelves of the best books I have read that relate one way or
another to investing. Since investing is about everything, my books relate
to diverse subjects ranging from history to psychology. In no particular
order here is my list, with star rankings from 1 to 5. The whole exercise is
completely subjective. Readability counts. <FONT
color=black><SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Groupthink*****. Irving L Janis. Houghton
Mifflin: 1982. (The best book ever written on the complexities and pitfalls
of group decision making, which is what an investment management firm is
all about.) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">The Alchemy of Finance***. George Soros.
Simon & Schuster: 1987. (The master is complex, dense, but superb.
His best book.) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Panic on Wall Street***. Robert Sobel.
Macmillan: 1978. (The definitive study of American panics.)
<SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Manias, Panics, and Crashes****. Charles
P. Kindleberger. Basic Books: 1988. (The best scholarly analysis of the
species.) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Reminiscences of a Stock Operator*****.
Edwin Lefevre. George H. Doran Company: 1923; reissued by J. Wiley:
1994. (The classic work about intuitive trading. No investor's education
is complete without reading it. ) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">The Money Game*****. Adam Smith. Random
House: 1967. (Nobody writes like Gerry. Full of wisdom. It's a pleasure
to read. ) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">The Roaring '80s***. Adam Smith. Summit
Books: 1988. (More Gerry; if you get addicted, Supermoney is good, too.)
Contrarian Investment Strategy***. David Dreman. Random House: 1979. (A
classic on why and how to be contrary.) <FONT
color=black><SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">The Battle for Investment Survival*.
Gerald Loeb. Random House: 1957. (One great idea. Put all your eggs in one
basket and stare at that basket.) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">The Great Crash, 1929***. John Kenneth
Galbraith. Houghton Mifflin: 1961. (Good study of the Crash.) Instincts
of the Herd in Peace and War**. W. Trotter. Macmillan: 1908; reissued by T.
Fisher Unwin: 1919. (Dense, insightful analysis of gregariousness and
suggestibility.) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Duveen. S.N. Behrman***. Harmony Books:
1978. (Fascinating biography of the great dealer and a wonderful history
of the art market and its fads.) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Investment Policy**. Charles D. Ellis. Dow
Jones-Irwin: 1985. (All of Charlie's books have great insights, especially
this one and Institutional Investing***.) <FONT
color=black><SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">The Way the World Works**. Jude Wanniski.
Touchstone: 1978. (I'm prejudiced because I believe, but this is the
supply-side Old Testament.) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Wealth and Poverty**. George Gilder. Basic
Books: 1981. (The New Testament of supply side.) <FONT
color=black><SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Growth Opportunities in Common Stocks**.
Winthrop Knowlton. Harper & Row: 1965. (This book and Shaking The
Money Tree**, with John Furth, are both superb on growth stock investing.)
<SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">The Elliott Wave Principle*. A. Frost, R.
Prechter. New Classic Library: 1978. (Important to understand Fibonacci et
al.) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">The Great Depression of 1990*. Ravi Batra.
Venus Books: 1985. (We are condemned to repeat the mistakes not of our
fathers but of our grandfathers.) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Technical Analysis of Stock Trends**.
Edwards and Magee. Magee: 1966. (The manual on technical analysis.)
<SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">The Intelligent Investor***. Benjamin
Graham. Harper: 1949. Security Analysis****. Graham and Dodd. Harper:
1951. (The bibles of value investing.) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">The Long Wave in Economic Life**. J. J.
Van Duijn. Allen & Unwire: 1983. (Best book I know of on cycles, which
is what investing is all about.) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Confessions of an Advertising Man. ***.
David Ogilvy. Atheneum: 1964. (Wonderful treatise on how to sell
consumer products, written with wit and wisdom.) <FONT
color=black><SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Green Monday**. Michael M. Thomas. Simon
& Schuster: 1980. (The best stock market novel ever written.)
<SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Classics I and Classics II*****. Edited by
Charles D. Ellis. Dow Jones-Irwin: 1989 and 1991. (Both collections are
great browsing.) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Chaos**. James Gleick. Penguin Books:
1987. (Important to understand chaos theory.) Investing with the Best*.
Claude N. Rosenberg, Jr. Wiley: 1986. (Excellent on how to manage your
investment manager.) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Managing Investment Portfolios**. Maugham
and Tuttle. Warren, Gorham & Lamont: 1983. (Good stuff, but heavy
going.) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Extraordinary Popular Delusions and the
Madness of Crowds****. Charles Mackay: 1841; reissued by Metro Books:
2002. (The ancient classic but still should be read.) <FONT
color=black><SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">The Speculator**. Jordan A. Schwarz.
Chapel Hill: 1981. (Superb biography of Baruch. Note how he would from time
to time retreat from the market. ) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Capital Ideas**. Peter Bernstein. Free
Press: 1992. (History of the ideas that shaped modern finance. Peter
sometimes is too intellectual for me.) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Devil Take the Hindmost*** Edward
Chancellor. Farrar, Strauss, & Giroux: 1999. (Erudite, articulate
history of manias and panics over the ages.) <FONT
color=black><SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Pioneering Portfolio Management ****.
David F. Swensen. The Free Press: 2000. (The best book ever about managing a
large endowment portfolio.) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Stocks for the Long Run****. Jeremy
Siegel. McGraw-Hill: Third Edition, 2002. (Absolutely crammed with
fascinating information and analysis.) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">The Trouble with Prosperity**. James
Grant. Times Books: 1996. (Jim writes beautifully and all his books are
great reads, although invariably bearish.) <FONT
color=black><SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Gold and Iron**. Fritz Stern. Vintage:
1979. (Absorbing history of Bismarck and Bleichroeder, Europe in the 19 th
century, and capital preservation.) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Markets, Mobs, & Mayhem***. Robert
Menschel. Wiley: 2002. ("A modern look at the madness of crowds" and the
most recent addition to my list.) <SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">The Innovator's Dilemma*. Clayton
Christensen. Harvard Business School Press: 1997. (Breakthrough idea of why
new technologies cause great firms to fail.) <FONT
color=black><SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">Valuing Wall Street***. Andrew Smithers
& Stephen Wright. McGraw-Hill: 2000. (The rationale of the q ratio
by Smithers, a brilliant analytical mind.) <FONT
color=black><SPAN
style="COLOR: black; mso-color-alt: windowtext">
<SPAN
style="FONT-SIZE: 12pt; COLOR: black">The Myths of Inflation And Investing**.
Steven C. Leuthold. Crain Books: 1980. (Updated for deflation; consistent,
extensive studies; not light reading)<SPAN
style="COLOR: black; mso-color-alt: windowtext">
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