A quote by market analyst, Sven Henrich, stuck with me this morning, “If you’re bored at a time like this, you’re not intellectually curious enough,” and rightly so. While we’re stuck at home in our offices — in our pajamas — we have a once in a lifetime opportunity to consume copious amounts of information.
As markets react violently to the worst economic data on record, volatile asset prices are creating new opportunities for investors. But to take advantage of these moves, we need to identify the best place to put our money, and the best way — in my experience — is to learn from people who’ve already been there and done that.
With the world now on pause, it’s the perfect time to study the greatest investing minds, so when the world inevitably presses play, you’ll emerge armed with the knowledge to make successful investment decisions.
- Broke Millenial Takes on Investing by Erin Lowry
If you’re just starting out in the investment world, this book is for anyone who feels like they aren’t ready (or rich enough) to get into the market. Remember, if you’ve just turned 20, you have 50 years before you retire. If you double $10,000 each year, then you’re a millionaire by year seven. You have plenty of time to make it happen. Get rich slow or go broke fast. It’s your choice.
- Basic Economics: Fifth Edition by Thomas Sowell
If you despise the endless economic jargon being thrown at you on a daily basis, then you’ll love my favorite economics book of all time. Sowell explains how everything economical, social, and political affects the global economy, but in plain, no-nonsense English. It’s the perfect book for both novice investors and economists. A word of warning though: it’s heavy. Choose the ebook.
- One Up On Wall Street by Peter Lynch
In his most famous book, Lynch debunks the greatest investing myths of all time like Wall Street always beats Main Street. In the latest market crash, some prominent hedge funds had losses in the double-digits while some savvy retail investors preserved their wealth. That’s only one myth Lynch debunks. You’ll have to read his book to find out the rest.
- Mastering Fear by Brandon Webb
The hardest step when starting out in investing is being comfortable about losing money — then, once you’ve pressed the buy button, it’s being able to stay calm when one or many of your investments goes against you. If you’re trying to overcome this fear, take a page out of a former navy seal’s book. Webb teaches you how to conquer fear in any adverse situation whether it’s taking down hostile ships on the open sea or rolling prisoners in the dead of night in the mountains of Afghanistan. After reading his memoir, losing money will be the least of your worries.
- The Real Crash by Peter Schiff
If you want to understand why many economists call the world economy phony, fake, and artificial then look no further than Schiff’s masterpiece: The Real Crash. It’s perfect for anyone who needs proof that our debt-based financial system is failing to create prosperity worldwide.
- Common Stocks and Uncommon Profits by Philip A. Fisher
Recommended by the great Warren Buffet, this book takes you back to traditional stock-picking where investors made decisions based on valuation metrics. While today’s market is more about liquidity, there will be a time when valuations mean something again. It could take a year or it could take a decade. Nobody knows for sure. But being able to value a stock based on its fundamentals is a skill every investor must add to their toolbox as it may become useful sooner than you think.
- The Simple Path to Wealth by J.L Collins
If you need a guide on what not do while investing, this is it. Collins covers the big “do nots” from avoiding debt indulgences to being “naked long” stocks. It’s an essential read for any newbie investor looking to both build and preserve their capital over the long term.
- The Misbehavior of Markets by Benoit Mandelbrot
Wall Street’s risk models are outdated and simply don’t resemble what can — and will — go wrong in modern markets. Benoit Mandelbrot cuts through the noise, revealing the truth about market volatility, changing the way you think about market risk forever.
- Principles by Ray Dalio
Despite Dalio’s -20% loss this year, he remains one of the most successful investors and entrepreneurs. From the time he started Bridgewater Associates out of his bedroom to becoming one of the most successful hedge fund managers, Dalio has developed a set of principles that anyone looking to succeed in investing will benefit from. This book is life-changing.
- Guide To Investing in Gold & Silver by Mike Maloney
Maloney looks back over history and shows how gold helps protect your wealth and, more importantly, your purchasing power in any scenario whether it’s war or hyperinflation. After reading this, you won’t be able to sleep at night without owning a bar or two of the shiny metal.
- The New Case For Gold by Jim Rickards
Along with Mike Maloney’s book, Jim Rickards explains why every investor must own gold to protect themselves against various social, economic, and political hazards. Plus, his thesis behind gold being the best asset class to hold for the next ten years.
- Hot Commodities by Jim Rogers
Commodities are the most underrated market in the investing world. While there are limited opportunities within the market, commodities are almost free from manipulation. Rogers presents a history of commodities, how they trade during historic events such as the Oil embargo in the 1980s, and what drives prices. Luckily for us, Rogers happens to be one of the most successful commodities traders of all time, so you’re in good company.
- Stress Test by Timothy F. Geithner
Whether you agree or disagree that the megabanks should have been bailed out during the financial crisis of 2008, it’s valuable to get an insider’s point of view: Tim Geithner, the former U.S Treasury Secretary, takes you behind the scenes during the peak of the crisis, sharing his recollections with some key people like President Obama and Fed Chairman Ben Bernanke.
- Thinking Fast and Slow by Daniel Kahneman
To become a successful investor, you need to be aware of the fallacies that will lose you money over time. From recency bias to FOMO (the fear of missing out), Kahneman will help you to identify and combat these pesky mind tricks.
- Aftermath by Jim Rickards
As I’ve said before, it’s always good to get perspective from the bulls and from the bears. In his book, Rickards predicts how the fiat system will cause a crisis while showing you how to protect your wealth in response.
- Rich Dad Poor Dad by Robert Kiyosaki
A controversial but thought-provoking book that everyone should read. Kiyosaki shares his story of how a “rich dad” taught him why his “poor dad” was losing money. The only difference between the two dads was their point of view about money, investing, and careers, but you’ll have to read the book to find out what it was.
- The Intelligent Investor by Benjamin Graham
The Intelligent Investor is the most popular finance book of our time which every investor needs to read at some point. Although some of the concepts are redundant due to today’s modern market dynamics, it’s still handy to get a historical perspective.
- Think and Grow Rich by Napoleon Hill
By devoting twenty-five years of his life talking to over five hundred of the richest men and women, Hill uncovered the secrets of how the rich built their wealth. He believed that if we can learn to think like the rich, we can start to behave like them. The book combines his findings into the thirteen simple steps that anyone can follow.