One Up on Wall Street by Peter Lynch short, easy to read, and probably the quickest way to get going

g on stock picking for those without investing experience. Money Masters of Our Time by John Train looks at a variety of successful money managers and their approaches to investing. This book can help you determine what your own approach is, which you'll probably talk about frequently during interviews. Common Stocks and Uncommon Profits by Philip Fisher learn about the scuttlebutt advantage, which you can use to develop novel insights on undercovered stocks. This is a key way to differentiate yourself during recruiting. Fisher influenced many other successful investors, so there is a lot to learn from this book, which is worth rereading. Berkshire Hathaway Annual Reports by Warren Buffett 30+ years worth of reading from someone who made some $40 billion (and more for his shareholders) Don't forget the Berkshire Hathaway owner's manual. Plus, the price is right. (For a more streamlined but expensive version of Buffett's writings, see The Essays of Warren Buffett: Lessons For Corporate America by Larry Cunningham.) The Intelligent Investor by Benjamin Graham This is the short version of Graham's approach, which greatly influenced the field of securities analysis. A bit dated in some ways, but still contains some timeless investing principles that help develop a healthy investing temperament. If this leaves you looking for more from Graham, read Security Analysis (see below).

WORTH YOUR TIME:

On Competition by Michael Porter many investors maintain that Porters Five Forces are the key to industry analysis and in turn stock picking. Looking at stocks through this lens is a great way to identify competitive advantage and its sustainability. You Can Be a Stock Market Genius by Joel Greenblatt probably the best intro to special situation investing (spin-offs, restructurings, etc.), which can make for good stock pitches. Expectations Investing by Alfred Rappaport and Michael J. Mauboussin a book that approaches investing by looking at what a stocks current price implies about the markets expectations for growth, risk, etc. Most experienced investors do this subconsciously, so it is helpful to understand the approach explicitly. The Psychology of Investing by John Nofsinger a short but thorough primer on behavioral finance applied to investing. Good to Great by Jim Collins a well-researched look at what the most successful companies have in common. Highly recommended by top investors. Also see Built to Last by Collins. When Genius Failed: The Rise and Fall of Long-Term Capital Management by Roger Lowenstein interesting story about the biggest hedge fund blowup to date; well-written by a former Wall Street Journal reporter who also wrote arguably the best Buffett biography to date. Beating the Street by Peter Lynch a good follow-up to One Up on Wall Street. The Man Who Beats the S&P: Investing with Bill Miller by Janet Lowe Miller beat the S&P for many years, and he describes his approach in some detail to Lowe. (Search for Lowe on Amazon for a full list of her investor and business biographies.)

John Neff on Investing by John Neff if you want to run a diversified fund someday, this book is worth reading. Neff has a value investors mentality, but he also invested growing stocks when they were out of favor. He also describes how he made money in cyclicals. Investment Biker: Around the World with Jim Rogers by Jim Rogers this is a good book to read if youre interested in investing internationally. The New Market Wizards: Conversations with Americas Top Traders by Jack Schwager a good overview for would-be traders. Also see Market Wizards and Stock Market Wizards. The Art of Speculation by Philip Carret Buffett said that Philip Carret has the best truly long-term investment record of anyone I know. Contrarian Investment Strategies: The Next Generation by David Dremen. Pioneering Portfolio Management by David Swensen Yales endowment manager (16%+ over 14 years) talks investing.

MAGAZINES, JOURNALS, AND INTERNET:

Outstanding Investor's Digest heavily endorsed by the whos who of value investors. Available in the Chicago Booth CRC. Articles published by Whitney Tilson a successful value investor who is also a prolific and excellent writer. Check out his links to speeches and articles by Buffett and Munger. CFA Institutes Financial Analysts Journal available to CFA Institute members; fairly technical and academic. Value Investor's Club a collection of stock picks by value investors. GuruFocus tracks investments by successful money managers.

STOCK AND INDUSTRY RESEARCH:

Yahoo Finance and MSN Money good, free resources for initial stock research and screens. However, their financial data and ratios are sometimes inaccurate. When digging into a stock, get your data directly from the filings and calculate your own ratios and valuation metrics. Morningstar is a good resource for stock and mutual fund research; Standard and Poor's the primary source for industry reports. Value Line high-quality stock research. Bloomberg

MORE BOOKS, BY CATEGORY:

VALUE INVESTING Security Analysis by Graham and Dodd somewhat dense and complex, but this was the original textbook on investing, and is worth a read if you have the time. Essential for sophisticated deep value investors. Value Investing: A Balanced Approach by Marty Whitman manager of Third Avenue Value Fund, which has outperformed the market by a lot for a long time. Stresses financial strength; probably the best primer on "balance sheet investing." The Aggressive Conservative Investor by Marty Whitman and Martin Shubik. Value Investing: From Graham to Buffett and Beyond by Bruce Greenwald delivers the value investing overview that the title promises. Value Investing Today by Charles Brandes directly influenced by Graham shortly before his death in the 70s, Brandes went on to build an eponymous $100 billion-plus international value shop. Margin of Safety: Risk Averse Value Investing Strategies by Seth Klarman INVESTOR PSYCHOLOGY & BEHAVIORAL FINANCE Groupthink by Irving Janis "The best book ever written on the complexities and pitfalls of group decision making," according to Morgan Stanley's Barton Biggs. Beyond Greed and Fear by Hersh Shefrin Why Smart People Make Big Money Mistakes by Gary Belsky and Thomas Gilovich The Crowd by Gustave Lebon Arguably a bit outdated and perhaps not the most straightforward reading, but a very interesting look at how different behaviors transpire in crowd settings. The Psychology and Judgment of Decision Making by Scott Plous How We Know What Isn't So by Thomas Gilovich The Inefficient Stock Market by Robert Haugen The New Finance: Overreaction, Complexity, and Uniqueness by Robert Haugen Decision Traps: 10 Barriers to Brilliant Decision Making by Edward Russo Fooled by Randomness by Nassim Taleb Hare Brain, Tortoise Mind by Guy Claxton Investment Psychology Explained: Classic strategies to Beat the Market by Martin Pring RISK, BUBBLES, AND CRASHES Against the Gods: The Remarkable Story of Risk by Peter Bernstein a historical perspective on estimating risk in a broad economic sense. Manias, Panics, and Crashes: A History of Financial Crises by Charles Kindleberger an excellent look at the history, psychology, and economics of asset bubbles.

WALL STREET NARATIVES AND HISTORY Liars Poker by Michael Lewis The Predators' Ball: The Inside Story of Drexel Burnham and the Rise of the Junk Bond Raiders by Connie Bruck Barbarians at the Gate: The Fall of RJR Nabisco by Bryan Burrough and John Helyar The Money Game by Adam Smith not the Scottish, father-of-economics Adam Smith, but a pseudonym for journalist George Goodman. A very entertaining and educational account of the Street during the exuberant 60s. Indirectly analyzes investor psychology. Go-Go Years: Drama and Crashing Finale of Wall Street's Bullish 60s by John Brooks The Great Game: The Emergence of Wall Street as a World Power 1653 2000 by John Gordon The Great Crash, 1929 by John Kenneth Gilbraith ASSET CLASSES, ALLOCATION, AND MACRO INVESTING Stocks for the Long Run by Jeremy Siegel provides historical context on stock returns and risk premiums over the past century. The Future for Investors by Jeremy Siegel which argues that the wave of baby-boomer retirements may systematically and fundamentally affect equity returns over our lifetime. Tomorrow's Gold by Marc Faber A look at which asset classes might outperform in the future; based on a very rich and interesting analysis of the performance of assets classes over very long periods of time (thousands of years). The Alchemy of Finance by George Soros a good start on Soros; essential for people with a macro focus. Also see: Soros on Soros: Staying Ahead of the Curve by George Soros. ACADEMIC Irrational Exuberance by Robert Shiller called the market peak in 2000; argues for the periodic irrationality of the markets. A Random Walk Down Wall Street by Burton Malkiel the classic look at the argument for rational markets. Also contains some useful investment wisdom. ACCOUNTING The Interpretation of Financial Statements by Benjamin Graham advanced financial statement analysis from an investors perspective. Financial Shenanigans: How to Detect Accounting Gimmicks by Howard Schilit will help you spot poor earnings quality. Financial Statement Analysis: Theory, Application, and Interpretation by Leopold Bernstein Quality of Earnings: The Investors Guide to How Much Money a Company is Really Making by Bill O'Neil

MUTUAL AND HEDGE FUNDS Common Sense on Mutual Funds by John Bogel Vanguards creator talks about the future of the business Fidelity's World: The Secret Life and Public Power of the Mutual Fund Giant by Diana Henriques The Mutual Fund Business by Robert Pozen former chairman of Fidelity and current chairman at MFS All About Hedge Funds: The Easy Way to Get Started by Robert Jaeger a good overview of the different hedge fund strategies How to Create and Manage a Hedge Fund by McCrary, Stuart ECONOMICS Capitalism and Freedom by Milton Friedman The Wealth of Nations by Adam Smith The Long Wave in Economic Life by J.J. Van Duijn Monetary History of the United States, 1867 1990 by Milton Friedman Capital Ideas by Peter Bernstein BIOGRAPHIES No Bull: My Life In and Out of Markets by Michael Steinhardt autobiography that contains some helpful tips on a more short-term, trading-oriented investing style. So Far So Good: The First 94 Years by Roy Neuberger autobiography of a successful investor who started his career in 1929 and has seen it all. Reminiscences of a Stock Operator by Edwin Lefevre written in the 1920s, this book reads like a novel, and describes the ups and downs of a trader in the early part of the 20th century. The House of Morgan by Ron Chernow comprehensive biography of JP Morgan, with an analysis of his broader effects on financial markets. Maestro: Greenspan's Fed and the American Boom by Bob Woodward Baruch: My Own Story by Bernard Baruch Julian Robertson: A Tiger in the Land of Bulls and Bears by Strachman, Daniel Chainsaw: The Notorious Career of Al Dunlap by John Byrne BUFFETT AND BERKSHIRE Buffett: Life of a Capitalist by Roger Lowenstein contains both biographical detail and a description of Buffetts investment approach.

Of Permanent Value by Andrew Kilpatrick everything you every wanted to know about Berkshire; not to be read in one sitting. The Warren Buffett Way by Robert Hagstrom analyzes some of Buffetts more successful investments. Warren Buffett Speaks by Janet Lowe. Buffetology by Mary Buffett a decent Buffett starter, but not that sophisticated. The Science of Hitting by Ted Williams Buffett recommends this book to teach investors how to wait for the right pitch in a game where there are no called strikes. Sandman's Place a website devoted to Buffett and Berkshire. www.sandman.com CHARLIE MUNGER Poor Charlie's Almanack edited by Peter D. Kaufman a tome on Charlie Munger, who Buffett credits as integral to his investment success. Contains countless gems on investing and "worldly wisdom" from one of the most interesting and iconoclastic investors around. Damn Right by Janet Lowe more on Munger; this one reads more like a traditional biography. Seeking Wisdom: From Darwin to Munger by Peter Bevelin. If Mungers mental models appeal to you, this is where to learn more. This is an extremely interesting book if your interests extend beyond business and investing.

SECTOR-SPECIFIC:
ENERGY The Prize by Daniel Yergin this is the Pulitzer Prize-winning Bible on oil. Although it is not geared towards investing, it provides all of the historical, political, and economic background that you could ask for. Resource Wars by Michael Klare predictions on the political and economic consequences of oil depletion over the next 50-100 years. COMMODITIES Hot Commodities by Jim Rogers advice on investing in commodities globally from a commodities bull. BANKING AND FINANCE A History of Interest Rates by Sidney Homer The Origins of Value: The Financial Innovations that Created Modern Capital Markets by William Goetzmann Dead Bank Walking: One Gutsy Banks Struggle for Survival and the Merge that Changed Banking Forever by Robert Smith this is one of those "what-not-to-do" books. Modern Banking by Shelagh Heffernan

Economics of Money, Banking, and Financial Markets by Frederic Mishkin Tom Brown's bankstocks.com a website run by a hedge fund. Tom Brown won II's Best of the Sell Side for Regional Banks for several years. www.bankstocks.com BIOTECH The Biotech Investor's Bible by George Wolff The Billion Dollar Molecule by Barry Werth the fascinating story of a biotech startup, Vertex Pharmaceuticals. From Alchemy to IPO by Cynthia Robbins-Roth The Coming Biotech Age by Richard Oliver. TECHNOLOGY The Innovator's Dilemma by Clayton Christenson The Gorilla Game: Picking Winners in High Technology by Geoffrey Moore

RELATED TOPICS:
Moneyball by Michael Lewis Alexander Hamilton by Ron Chernow Hamilton more or less single-handedly created the US financial system, along with a variety of other important accomplishments. A fascinating biography. Gold and Iron by Fritz Stern The Moral Animal: Why We Are the Way We Are by Robert Wright The Lexus and the Olive Tree by Thomas Friedman The Complete Sherlock Holmes by Sir Arthur Conan Doyle Atlas Shrugged by Ayn Rand Nonzero: The Logic of Human Destiny by Robert Wright A Brief History of Nearly Everything by Bill Bryson

MUNGER'S RECOMMENDATIONS (in Poor Charlie's Almanack):

Deep Simplicity: Bringing Order to Chaos and Complexity by John Gribbin F.I.A.S.C.O.: The Inside Story of a Wall Street Trader by Frank Partnoy Ice Age by John and Mary Gribbin

How the Scots Invented the Modern World: The True Story of How Western Europe's Poorest Nation Created Our World & Everything in It by Arthur Herman Models of My Life by Herbert Simon A Matter of Degrees: What Temperature Reveals About the Past and Future of Our Species, Planet, and Universe by Gino Segre Andrew Carnegie by Joseph Frazier Wall Guns, Germs and Steel: The Fates of Human Societies by Jared Diamond [Also see Diamond's recent follow-up, Collapse] The Third Chimpanzee: The Evolution and Future of the Human Animal by Jared Diamond Influence: The Psychology of Persuasion by Robert Cialdini The Autobiography of Benjamin Franklin by Benjamin Franklin Living Within Limits: Ecology, Economics, and Population Taboos by Garrett Hardin The Selfish Gene by Richard Dawkins Titan: The Life of John D. Rockefeller by Ron Chernow The Wealth and Poverty of Nations by David Landes The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy by Robert Hagstrom Genome: The Autobiography of a Species in 23 Chapters by Matt Ridley Getting to Yes: Negotiating Agreement Without Giving In by Roger Fisher, William Ury, and Bruce Patton Three Scientists and Their Gods: Looking for Meaning in an Age of Information by Robert Wright Only the Paranoid Survive by Andy Grove

MISCELLANEOUS:
The Detective and the Investor: Uncovering Investment Techniques from the Legendary Sleuths by Robert Hagstrom The Art of Short Selling by Kathryn Staley The Tao Jones Averages by Bennett Goodspeed The Tao of Pooh by Benjamin Hoff The Te of Piglet by Benjamin Hoff