For Retail Investors & Advisors Alike
Unconventional Success: A Fundamental Approach to Personal Investment
Affectionately referred to as “The Bible,” this is a must-read for anyone with a deep interest in investing. It’s by no means a light read. But, if you want to do anything fancier beyond buying an index-based target date retirement fund, you should read this book.
A Case for Index Fund Portfolios
See the chart on page 10. It’s pretty much all you need to know.
Every time someone (mostly advisors) tells me that they use Morningstar to research funds picks, I throw up a little in my mouth, and think of this paper.
For Institutional Investors and/or Active Managers
Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment
I’m a die-hard low-cost investor. And for good reason. Because I understand what it takes to be a successful investor. How do I know this? Because I read it from one of the greatest active managers of all time. If you’re serious active management, you should read this book.
Organizational Alpha: How to Add Value in Institutional Asset Management
Consider this the cliff notes on the books above. It’s a simpler read – but makes very, very good points about investing.
For Anyone Interested in the Shiller CAPE Ratio
The Shiller CAPE Ratio: A New Look by Jeremy J. Siegel
More studies than I can recall referenced Shiller’s CAPE as a metric for implementing particular strategies. New research shows that may no longer be applicable.
For Financial Advisors
This book stresses the importance of having systemized processes in a financial planning firm. I couldn’t possibly agree more.
For All Humans
The Millionaire Next Door: The Surprising Secrets of America’s Wealthy