Our List of Must-Read Investing Books

Andy Snyder|September 2, 2021

We heard something the other day that made us think…

“Sheep spend their whole lives fearing the wolf… only to be eaten by the shepherd.”

It’s a head-scratcher, for sure. We could take the idea in many directions. But we don’t think we need to.

Our readers are smart and experienced. They can look around and see the idea playing out all around us.

In politics. In business. And, all too often, in family.

It’s a very big idea in the world of investing these days too. Many folks fear the wolf and stay out of the market… only to be eaten by the shepherd when they’re too broke to do anything for themselves.

We hit on the idea in our column on Tuesday. After imploring folks to read at least one financially focused book each quarter, our inbox was flooded with inquiries.

“I haven’t read a financial book in years,” one reader admitted. “What should I read?”

And with that… here’s our list of must-reads, specially picked for times like these.

Gold Is Good

The book atop our nightstand right now is one that we’re rereading. With so much happening in the world of fiat and fake money, One Nation Under Gold by James Ledbetter is a great way to revisit the nation’s storied history with money.

Ledbetter is a rare breed among writers. Not only is he an excellent journalist, willing to dive deep to find the facts, but he also knows the world of money like few others in his field. That expertise shines through in his book.

One Nation Under Gold is a great reminder that what we’re dealing with right now in this country – explosive national debt, maddening monetary policy and flat-out economic debauchery – is nothing new.

Lincoln dealt with it. FDR dealt with it. And Nixon certainly made a mess for his successors.

Understanding the history of our money is critical if we want to make good estimates for where things are headed next.

Our take on things while reading this book? Something big is on the way.

It’s time.

Bless His Heart…

Another book for folks who want to build a good foundation of investing logic is A Random Walk Down Wall Street by Burton Malkiel.

Now, to be fair, when we pick on the “investing canon” – the books that have become so mainstream that nearly all investment advisors pull from them and nearly all MBA students are forced to memorize them – this book is the first that comes to mind.

As a former advisor and MBA student… we can attest to how deeply this book’s tentacles have reached into the industry’s mindset.

We argue that, where once the ideas it touts had merit, they’re now outdated and deserve a spot beside a rotary phone.

It’s important to know they exist and were once considered breakthroughs… but they’ve since been pushed aside by new thoughts and ideas.

Even though the book and its logic have aged, it’s still an ideal primer on how the market “should” work… you know, if we didn’t turn it into a perverse beast, stuffed with fake money.

Tales From the Crypt

Finally, the third foundational book we want to mention today gives an insider’s view of the mind and heart of that perverse beast. Alan Greenspan’s memoir, The Age of Turbulence: Adventures in a New World, illustrates just how much things have changed over time in the money world.

It shows why the investing canon is based on sound logic… and how man and his printing machine have pulled it all apart.

Greenspan shows how and why decisions are made and which effects of those decisions get the most weight amongst money maestros.

If you want to better understand what is perhaps the most powerful – yet entirely artificial – economic force, Greenspan’s inside look at the Federal Reserve is a must-read.

And, above all, remember… we’re investors here.

While you can buy all three of these books for less than $80 online, don’t do it. Each should be available at your local library.

Save your cash and use it to buy a few shares of your favorite stock.

After reading these three… you’ll be better equipped to find the good ones.

Note: We didn’t mention them for fear of sounding self-serving (click here), but of course the dozens of books penned by our famed contributors are must-reads. Our favorites are Everything I Want to Do Is Illegal by Joel Salatin and 7 Simple Strategies of Highly Effective Traders by Alpesh Patel.