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You Can't Become Rich In Your Pocket Until You Become Rich In Your Mind | ||||
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A selection of ten investment classicsJames Frasers book bag a selection of ten investment classics Our contrarian investing guru, James Fraser, runs a publishing house specializing in reprints of investment classics. We invited him to select and com ment briefly on ten of his favorites for an ultimate investor library. All the books are available from Fraser or other booksellers with good investment collections, or through online investment books specialist Why You Win or Lose: The Psychology of Speculation Fred C. Kelly (reprinted by Fraser Publishing, 1962) A successful amateur of the market pinpoints the four greatest enemies to stock market success, and combines eye-opening personal history with observations on the psychological aspects of stock. Easy-to-read primer on those emotions that make us win or lose. Originally published in 1930. The Crowd: A Study of the Popular Mind Gustave Le Bon (reprinted by Larlin Corp., 1994) This masterly analysis of crowd characteristics and psychology is one of the rare books whose message is thoroughly time tested. More vital today than ever. Indispensable reading on contrary thinking and mass behavior. Originally published in 1896. The Battle for Investment Survival Gerald M. Loeb (reprinted by John Wiley & Sons, 1996) This book continues to be a practical day-by-day guide that provides experience and wisdom for traders and investors within an ever-changing stock market. The original chapters were written in 1935. The book is a wonderful primer and is worth skimming every few years. Reminiscences of a Stock Operator Edwin Lefevre (reprinted by Fraser Publishing, 1998) First published in 1923, this fictionalized biography of Jesse Livermore, one of the greatest speculators ever, remains the most widely read, highly recommended investment book. It is the story of the ultimate player, a timeless tale that will enrich the livesand portfoliosof todays investors. The Economist describes it as a collection of racy tales of topsy-turvy trading and market skullduggery, and of riches won and lost with remarkable sangfroid. It is as timely today as it was seventy years ago. Capital Ideas: The Improbable Origins of Modern Wall Street Peter L. Bernstein (Free Press, 1992) Bernsteins book is fascinating reading for anyone who wants to understand the financial revolution of the past twenty years, says William E. Simon. Fascinating indeed as the author unravels the tale of how the ideas of some academia nuts, as they were known on Wall Street, revolutionized the management of the worlds wealth and shaped modern finance. Extraordinary Popular Delusions and the Madness of Crowds Charles Mackay (reprinted by John Wiley & Sons, 1995) This book has saved me millions of dollars (Bernard M. Baruch). A case book of human folly (James Hilton), citing scores of historic manias that led to disaster, notably three great outbreaks of mass investment psychosis: the Mississippi Scheme and the South Sea Bubble in the early eighteenth century and Dutch tulipmania in the seventeenth century. Exhaustively documented story of historic disastrous manias is your yardstick for evaluating todays mass trends and fads. Originally written in 1841. Art of Contrary Thinking Humphrey B. Neill (reprinted by Caxton Press, 1985) The originator of the Theory of Contrary Opinion answers the question: Contrary opinionwhat is it? With observations on its development and many applications. For anyone seeking to benefit from the contrary approach in analyzing trends. Originally published in 1954. Popular Financial Delusions Robert L. Smitley (reprinted by Fraser Publishing, 1963) All the delusions by which investors annually lose billions of dollars are here. The reader will learn to identify those delusions that seek to lure him from his ultimate aimthe protection of capital and the profit that comes from commonsense handling of money. Originally published in 1933. The Intelligent Investor: A Book of Practical Counsel Benjamin Graham (reprinted by HarperCollins, 1985) One of Americas most respected guides to the stock market, this classic text offers sound principles proven by the success of hundreds of investors for more than thirty-five years. The main objective of the authors philosophy of value investing is to develop rational policies that will protect the investor against potential error. Common Stocks and Uncommon Profits and Other Writings Philip A. Fisher (reprinted by John Wiley & Sons, 1996) The authors investment philosophies, introduced more than forty years ago, are not only studied and applied by todays finance professionals, but also regarded by many as gospel. Fisher is one of the pioneers of modern investment theory. His book was considered invaluable when first published in 1957 and is a must read today. Read On In Print Leo Gough, 25 Investment Classics: Insights from the Greatest Investment Books of All Time (Financial Times Pitman Publishing, 1999). Charles Ellis, Classics (Dow Jones-Irwin, 1989): the first volume of a series on investment ideas. Toolbar of top websites for investment I have been interested in procedures to improve the quality, reduce costs, and increase the scale of investment practice for more than twenty-five years. And have had some experience working in indexing, trading, screening, optimization, reporting, and broadening to a global reach. But the innovations along the same lines are getting much better today. For more than a decade, financing was lagging or merely copying. Now real effort is being made, sometimes on new ground, which is bound to improve investment practice in the next decade. In the previous version of this book, we included the AIMRs (Association for Investment Management & Research) One Hundred Top Websites for Investment that had been posted on its website. Considering that a number of other websites are now doing this, AIMR no longer maintains this list. This toolbar updates the AIMRs list and includes many of the investment websites and tools available on the Internet that are of current interest to me. This list will change quickly. [D. L.] |
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