Book Club

The book Warren Buffett has called "by far the best book on investing ever written" — the origin of value investing, margin of safety, and the Mr. Market allegory.

The Fidelity Magellan legend's case that ordinary investors already have a real information edge over Wall Street — if they actually do the homework to use it.

The 1958 book that helped define growth investing — Fisher's own fifteen-point framework for finding the rare, truly exceptional company worth holding for decades, not just a bargain worth trading.

Vanguard's founder makes the arithmetic case for low-cost, total-market index investing — and closes the loop this Book Club opened with Graham's own warning about speculation.

Warren Buffett called it "that rarity, a useful book" — Oaktree Capital's co-founder on second-level thinking, risk, cycles, and why there's no single most important thing in investing.

Published in 1923 and closely modeled on the real career of trader Jesse Livermore — still cited today as one of the most highly regarded books ever written on market psychology.

Published in 1990 and still the most widely cited book on trading psychology — the argument that a winning system means nothing without the mindset to actually execute it.

Published in 2003 — the definitive investigative account of how a Houston pipeline company became Wall Street's favorite growth story, then collapsed into what was then the largest bankruptcy in U.S. history.

Published in 1991 and long out of print — used copies have sold for over $1,000 — Klarman's own account of the risk-averse, contrarian value investing that built the Baupost Group into one of the most respected funds in the industry.

First published in 1934, in the shadow of the Great Crash — the original textbook that invented value investing as a discipline, and the direct source of both "margin of safety" and "intrinsic value," fifteen years before The Intelligent Investor made either phrase famous.

Published in 2012 and repeatedly named by Warren Buffett as one of his favorite business books — profiles of eight CEOs, largely unknown outside their industries, who quietly outperformed Jack Welch and the S&P 500 by treating capital allocation, not operations, as the job.

A compiled collection of Charlie Munger's speeches and talks, first published in 2005 — Warren Buffett's longtime partner on the multidisciplinary "latticework of mental models," the psychology of human misjudgment, and the quality-over-cheapness shift that took Berkshire Hathaway far beyond Benjamin Graham's original playbook.

A curated, topically-organized collection of Warren Buffett's own words, pulled directly from four decades of Berkshire Hathaway shareholder letters — not a biography or a summary of Buffett's ideas by someone else, but Buffett explaining his own thinking, in his own writing.

Published in 1989 — a series of candid, in-depth interviews with some of the era's most successful traders across stocks, futures, currencies, and commodities, still cited as the genre's defining book decades later.

First published in 1988 by the founder of Investor's Business Daily — the CAN SLIM system, built from a historical study of the biggest stock market winners going back decades, looking for the specific traits they shared before their major price moves.

Published in 1999 — widely treated as the standard reference text on chart-based trading, systematically covering trend theory, chart patterns, volume, moving averages, oscillators, and Elliott Wave in one volume.

First published in 1973 and revised repeatedly since — the book that popularized the efficient market hypothesis for general readers and made the case for low-cost index investing decades before it became the mainstream default.

First published in 1994 — a data-driven case, built on more than two centuries of U.S. market history, that stocks have reliably outperformed every other major asset class over long holding periods despite their higher short-term volatility.

Published in 2018 by Bridgewater Associates founder Ray Dalio — a mechanical template for how debt crises unfold, built from studying 48 major crises throughout history, including detailed case studies of the 1920s-30s and 2008.

Published in 2007 — a wide-ranging argument that rare, unpredictable, high-impact events dominate history and markets far more than our narratives and models acknowledge, and that we are systematically blind to this.

Published in 2000 — the definitive account of Long-Term Capital Management, the hedge fund run by Wall Street's most celebrated traders and two Nobel laureates, whose collapse in 1998 nearly took the global financial system with it.

Published in 2017 — the memoir of the mathematician who invented card counting, co-invented the first wearable computer, and then built one of the earliest and most successful quantitative hedge funds, decades before "quant" was a common word.

First published in March 2000, days before the dot-com peak — Nobel laureate Robert Shiller's data-driven case that speculative bubbles are real, recurring, psychologically-driven phenomena, not evidence markets are always efficiently priced.

Published in 1996 — a sweeping history of how humanity developed the mathematical tools to measure and manage risk, from ancient fatalism through probability theory to modern portfolio theory and behavioral economics.