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5 books Warren Buffett says you Need to Read
5 books Warren Buffett says you Need to Read
Buffett is well-known for spending up to six hours each day reading. When he first started his profession as an investor, he read 600, 700, and even 1,000 pages each day, and he regularly recommends that we "read 500 pages per day."
When it comes to reading, you can count on finding these jewels on Buffett's bookshelves because they were his personal recommendations over the years.
Here are 5 books Warren Buffett says you need to read.
1. The Intelligent Investor
1. The Intelligent Investor
Only Warren Buffett's words can do credit to The Intelligent Investor. Buffett writes in the preface to the fourth edition of the book, "When I was nineteen years old, I read the first version of this book. It was, in my opinion, the best book on investing ever written at the time. It's still my opinion."
He emphasizes that sound investing just necessitates the correct mental framework for decision-making. He concludes that The Intelligent Investor "prescribes the proper framework accurately and clearly."
2. Warren Buffett's Ground Rules: Words of Wisdom From the Partnership Letters of the World's Greatest Investor
2. Warren Buffett's Ground Rules: Words of Wisdom From the Partnership Letters of the World's Greatest Investor
Jeremy C. Miller, an author, and financial consultant does an excellent job of studying and extracting the finest of Warren Buffett's investment "ground principles" from letters Buffett addressed to his partners between 1956 and 1970.
In his 2015 annual letter, Warren Buffett commended Warren Buffett's Ground Rules, saying, "If you are captivated by investment theory and practice, you will appreciate this book."
3. Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger
3. Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger
This 512-page encyclopedic collection of Munger's own wisdom, edited by Peter D. Kaufman, provides readers and ardent followers of Buffett's longtime business partner at Berkshire Hathaway with a treasure trove of lectures, lessons, insights, references, and personal experiences.
In a 2010 shareholder letter, Buffett joked, "Just get a copy and take it about; it will make you look urbane and educated."
4. Security Analysis
4. Security Analysis
Buffett had the good fortune to have Benjamin Graham and David Dodd as teachers at Columbia University. He doesn't waste any time in admitting that "the book and the men transformed my life together."
He goes on to claim that if that isn't enough credit, "They drew out an investment road map that I've been following for the past 57 years. There was no reason to look for someone else."
5. Common Stocks and Uncommon Profits and Other Writings
5. Common Stocks and Uncommon Profits and Other Writings
This masterpiece was written by Philip Fisher, one of the most famous investors of all time, in 1958. Many modern investors, including Warren Buffett, follow his investment principles, which are often considered as gospel. The author's own son, Ken Fisher, is an investment guru in his own right, and his views are included in the updated edition.
Buffett expresses his support for the book by saying, "After reading his book Common Stocks and Uncommon Profits, I sought out Phil Fisher... With a complete grasp of the firm gained through Phil's techniques, one may make wise investment decisions."
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