At an investing seminar in Los Angeles given by John Price he was asked to list the books on investing that he recommended. Before he could answer, Jim Butler, one of the seminar participants stated that the best was to read everything written by John. In that spirit, we recommend that you start with the articles by him which you can see listed at www.conscious-investor.com/articles/index1.asp.
For those who would like more, we have three recommendations.
Recommendation 1: The Intelligent Investor by Benjamin Graham
Warren Buffett read the first edition of The Intelligent Investor in 1950 when he was 19. At the time he thought that it was by far the best book ever written. Writing in the introduction to this recent edition, he states that still thinks that it is.
This is reinforced by his comment in the 2003 annual report of Berkshire Hathaway where he declared that it is his favorite book. Since it was first published in 1949, Graham's investment guide has sold over a million copies. In its new form—with commentary on each chapter and extensive footnotes prepared by senior Money editor, Jason Zweig—the classic is now updated in light of changes in investment vehicles and market activities since 1972.
Jim Butler prepared summary notes for The Intelligent Investor and has kindly made them available to subscribers of Conscious Investor and other investors.
Recommendation 2: Warren Buffett Speaks: Wit and Wisdom from the World's Greatest Investor by Janet Lowe
This is a wonderful little book of quotations by Warren Buffett. Janet Lowe has collected together some of his best quotations and arranged them under different sections for each chapter ranging from About Life through to About Investing. Within the chapters the book is arranged in different topics starting with Live where you are happiest and Live how you want to live in the first chapter through to Pay your taxes and don't complain in the last chapter. The book is small enough to slip in your pocket or bag to have available when you are traveling and is an ideal way to help you get inside the head of the “world's greatest investor”.
Recommendation 3: Poor Charlie's Almanac: The Wit and Wisdom of Charles T. Munger by Charles (Charlie) T. Munger.
“Charlie Munger is truly the broadest thinker I have ever encountered,” wrote Bill Gates, the chairman of Microsoft. “From business to economic principles to the design of student dormitories to the design of a catamaran he has no equal. This book capturing his wisdom is long overdue.”
Here's a typical quote from Munger, “Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group ... then to hell with them.”
