Over the years, Warren Buffett has recommended many books in a variety of venues about a variety of subjects. Continuing our ongoing series of books recommended by Buffett (our last entry in this series was on Buffett’s political book recommendations) here we highlight ten books that Buffett has recommended on investing.
Take on the Street: What Wall Street and Corporate America Don’t Want You to Know. What you can do to fight back
by Arthur Levitt
Levitt, the Securities and Exchange Commission’s longest-serving chairman, supervised stock markets during the late 1990s dot-com boom. As working Americans poured billions into stocks and mutual funds, corporate America devised increasingly opaque strategies for hoarding most of the proceeds. Levitt reveals their tactics in plain language, then spells out how to intelligently invest in mutual funds and the stock market. His advice is aimed squarely at small, individual investors, as he explains how to look for clues of malfeasance in annual reports, understand press releases and draw more from reliable sources. |
Speculative Contagion: An Antidote for Speculative Epidemics by Frank Martin
Speculative Contagion is an insider’s riveting real-time and real-money account of the inflating Bubble, accented with the genuine suspense to be found only in real-life drama. The epidemic of tech-driven lunacy gradually affected more and more feverish investors all too prone to be infected by the insidious absurdity of the times. In the midst of it all, Frank Martin found sanctuary in the treasure trove of history. |
The Theory of Investment Value
by John Burr Williams
Though the book was first printed in 1938, it is still the most authoritative work on how to value financial assets. As Peter Bernstein has commented: “Williams combined original theoretical concepts with enlightening and entertaining commentary based on his own experiences in the rough-and-tumble world of investment.” Williams’ discovery was to project an estimate that offers intrinsic value and it is called the ‘Dividend Discount Model’ which is still used today by professional investors on the institutional side of markets. |
Where Are the Customers’ Yachts? or A Good Hard Look at Wall Street
by Fred Schwed, Jr
Humorous and entertaining, this book exposes the folly and hypocrisy of Wall Street. The title refers to a story about a visitor to New York who admired the yachts of the bankers and brokers. Naively, he asked where all the customers’ yachts were? Of course, none of the customers could afford yachts, even though they dutifully followed the advice of their bankers and brokers. Full of wise contrarian advice and offering a true look at the world of investing, in which brokers get rich while their customers go broke, this book continues to open the eyes of investors to the reality of Wall Street. |
The Intelligent Investor: A Book of Practical Counsel
by Benjamin Graham
Since it was first published in 1949, Graham’s investment guide has sold over a million copies and has been praised by such luminaries as Warren E. Buffet as “the best book on investing ever written.” The hallmark of Graham’s philosophy is not profit maximization but loss minimization. In this respect, The Intelligent Investor is a book for true investors, not speculators or day traders. He provides, “in a form suitable for the laymen, guidance in adoption and execution of an investment policy.” Where the speculator follows market trends, the investor uses discipline, research, and his analytical ability to make unpopular but sound investments in bargains relative to current asset value. |
Paths to wealth through common stocks
by Philip Fisher
Paths to Wealth through Common Stocks contains one original concept after another, each designed to greatly improve the results of those who self-manage their investments — while helping those who rely on professional investment advice select the right advisor for their needs. In this book Fisher analyzes how worthwhile profits have been and will continue to be made through common stock ownership, and revealing why his method can increase profits while reducing risk. Many of the ideas found here may depart from conventional investment wisdom, but the impressive results produced by these concepts — which are still relevant in today’s market environment — will quickly remind you why Philip Fisher is considered one of the greatest investment minds of our time. |
Bull: A History of the Boom and Bust
by Maggie Mahar
Citing studies by esteemed economists John Kenneth Galbraith and Charles Kindleberger, Mahar reminds readers that self-blinding euphoria is a regular feature of every bull market. In vivid detail, she documents the trends and outsized personalities that fueled this particular bull market, including the surge of leveraged buyouts of 1984-1987, the mania for junk bonds, falling short-term interest rates, the rush of individual investors into 401(k) retirement plans, the power (and appetites) of mutual funds and the media frenzy that lent an unlikely allure to quarterly corporate earnings reports. The book serves as a reminder that investors should employ skepticism towards information coming out of corporate management. |
Security Analysis: Principles and Technique
by Ben Graham and Dave Dodd
Benjamin Graham’s revolutionary theories have influenced and inspired investors for nearly 70 years. First published in 1934, his Security Analysis is still considered to be the value investing bible for investors of every ilk. Yet, it is the second edition of that book, published in 1940 and long since out of print, that many experts–including Graham protégé Warren Buffet–consider to be the definitive edition. |
Common Stocks and Uncommon Profits
by Philip A. Fisher
Regarded as one of the pioneers of modern investment theory, Philip A. Fisher’s investment principles are studied and used by contemporary finance professionals including Warren Buffett. Fisher was the first to consider a stock’s worth in terms of potential growth instead of just price trends and absolute value. His principles espouse identifying long-term growth stocks and their emerging value as opposed to choosing short-term trades for initial profit. First published in 1958, this investment classic is considered a must-read as the foundation for many of today’s popular investment beliefs. |
译文:
沃伦·巴菲特推荐的10本投资类图书 |商业博学者
这些年，巴菲特在不同场合，针对不同领域，推荐了好些图书。继巴菲特推荐的一系列书籍之后（我们一直在做这个系列，最近的一篇是《巴菲特推荐的政治类图书》），我们从其推荐的投资书中着重提出以下10本：
《和华尔街对着干：华尔街和美国股份公司不想让你知道的事，以及你如何反击》Take on the Street: What Wall Street and Corporate America Don’t Want You to Know. What you can do to fight back
Arthur Levitt 著
Levitt是美国证券交易委员会服务期最长的主席，自1990年代后期网络大潮兴起以来就一直监管股票市场。当美国劳动者数以十亿计的金钱涌入股市和共同基金时，美国股份公司却持续不断地设置外界难以看清的策略，只为把大部分收益储存起来。Levitt用通俗易懂的语言揭示了其中的花样，并清楚说明如何明智地对股票和共同基金进行投资。他的建议无疑是针对小资金的个人投资者的，因为他解释了如何从年报中找到不当行为的线索，如何理解媒体新闻，以及如何从可靠的材料中发掘更多信息。
《常识投资：保证你应得股市投资收益的唯一方法》The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns
John C. Bogle 著
《常识投资》一书中包含了深刻的洞察与实际的建议。它告诉你如何把经过验证的投资策略纳入你的投资组合；它也会改变你对投资的某些既有看法。成功投资并不容易（它要求纪律和耐心），但它很简单，因为所需的只是常识而已。
《投机蔓延：投机流行病的一剂解毒药》Speculative Contagion: An Antidote for Speculative Epidemics
Frank Martin 著
《投机蔓延》是知情人对通胀泡沫引人入胜的报道，其中的时间是真实的，钱也是真实的。书中重点强调了只有在真实生活戏剧中才能找到的真正的不确定性。技术驱动下的精神病越来越流行，不知不觉间，越来越多易受当代谬论影响的高烧投资者逐渐受到感染。在这一时刻，Frank Martin在无主的历史宝藏中为大家找到了避难所。
《本杰明·格拉汉姆论价值投资：华尔街导师的几堂课》 Benjamin Graham on Value Investing: Lessons from the Dean of Wall Street
Janet Lowe
在本书中，Janet Lowe对价值投资者本杰明·格拉汉姆的生平做了简要而有趣的介绍。本书也对现代价值投资背后的历史与理论做了较好概述。
《投资价值理论》The Theory of Investment Value
by John Burr Williams
尽管本书初版于1938年，但它仍然是如何进行金融资产估值的最权威著作。正如彼德·伯恩斯坦对本书的评论所说：“Williams以其在纷乱的投资世界中的亲身经历为基础，结合了独创的理论概念与发人思考、趣味十足的解说。”Williams的发现是为了设计出一个提供真实价值的估值方法，其中所谓的“股息折扣模式”今天仍然为金融市场机构一方的职业投资者所运用。
《客户的游艇在哪里？或者，好好看看华尔街》Where Are the Customers’ Yachts? or A Good Hard Look at Wall Street
by Fred Schwed, Jr
盛情，幽默。本书暴露了华尔街的愚蠢与伪善。标题所指，说的是一位初到纽约的人的故事。他羡慕银行家和经纪人的游艇，于是天真地问，客户的游艇在哪里？当然，没有一位客户能买得起游艇，即便他们尽职尽责地遵循银行家和经纪人的建议。本书充满了智慧但与其他人背道而驰的忠告，展现了投资世界的真实一面，在其中，经纪人致富，客户破产，不断让投资者对华尔街的现实睁大眼睛。
《明智的投资者：实用的忠告》The Intelligent Investor: A Book of Practical Counsel
Benjamin Graham 著
自1949年首次出版以来，这本书已经卖了100万册，并被像沃伦·巴菲特这样的名人称为“写投资写得最好的书”。格拉汉姆理念的标志不是利润最大化，而是损失最小化。在这方面，《明智的投资者》是为真正的投资者而非投机者或短线交易者写的书。“用一种适合门外汉的形式”，本书提供了“引入并执行投资策略的指南”。投机者跟随市场趋势；投资者则用原则、研究，以及自己的分析力，在关于资产现值的交易中，做不流行但可靠的投资。
《通过普通股走向财富之路》The Intelligent Investor: A Book of Practical Counsel
Benjamin Graham 著作
《通过普通股走向财富之路》包含了一个又一个独特概念，每一个都是为了让那些管理自己投资的人大大提升业绩，同时也帮助那些依靠专业投资建议的人选择他们所需的顾问。在本书中，Fisher分析了通过普通股的所有权，如何得到划算的收益，同时也说明他的方法为什么能增加收益，减少风险。其中很多观念都不同于传统的投资智慧，但产生了惊人的结果。这些观念也是适合现今市场环境的，它们马上让你想起，为什么Philip Fisher被认为是我们时代最伟大的投资头脑之一。
《牛市：泡沫与破裂的历史》Bull: A History of the Boom and Bust
Maggie Mahar 著
引用令人尊敬的经济学家John Kenneth Galbraith和Charles Kindleberger的研究，Mahar提醒读者，自盲的狂喜是每一个牛市的固定特征。她用生动的细节，记录了激发本轮牛市的潮流和超凡人物们，包括1984－1987年融资收买的踊跃，后保债券的狂热，短期利率的下降，个人投资者冲进401（k）退休计划，共同基金的力量（以及它们的胃口），还有媒体的狂热（不靠谱地渲染上市公司季报）。这本书提醒投资者，应当对来自公司管理层的信息持怀疑态度。
《证券分析：原则与技巧》Security Analysis: Principles and Technique
Ben Graham/ Dave Dodd 著
70年来，本杰明·格拉汉姆革命性的理论影响、激励了很多投资人。1934年初版以后，他的《证券分析》一直被各类投资者奉为价值投资的圣经。然而，本书的第二版，出版于1940年，早已绝版，却是许多专家——包括格拉汉姆的门徒沃伦·巴菲特——认定的权威本。
《普通股与不普通的收益》Common Stocks and Uncommon Profits
Philip A. Fisher 著
Philip A. Fishier被认为是现代投资理论的先行者之一，当代金融界职业人士——包括沃伦·巴菲特——都研究并运用其投资原则。把股票价值看作潜在的成长性而非单纯的价格趋势或者绝对价值，Fisher是第一人。他的理念是，识别长期成长的股票及其显现的价值，反对为了初始收益选择短期交易。本书初版于1958年，是必读的投资经典，也被认为是当今许多流行的投资信条的基础。