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BEING a successful investor is not an easy task. Common sense and money management intelligence plays major role to bring ultimate success. One essential step to become a successful investor is, getting right guidance through reading right books. But, what should one read? There are plenty of books available and selection of the best from it is of course, a difficult task. However, if one know what exactly to select and read, would help to go with right books that provide right wisdom. There would not be any spoon feeding solution to be the next Warren Buffett or Benjamin Graham. All of us need to know what to select and read.
Reading books of Buffett’s or Graham’s theory and practices itself doesn’t make or promise any investor to become rich. Adaptability and practical use of right guidance from successful books would help investors to develop own investment framework, which considers as the big supportive factor behind each successful investors in the world. Yes, each successful investor developed their own investment framework or strategies, which was fail proof, and they stick with it to the maximum to work for them to bring enormous success later.
In this article, I am introducing an essential library of books for investors should read and practice. This selection of classics would certainly energize your thinking power and capacity to develop own personal investment framework, what I have done long time back and still sticking into that. When proceed further, you may not only find books related to successful investments strategies and practices, but also find books that are highly supportive to get essential knowledge and skills.
One of the biggest mistakes I have frequently found among investors, they are reading only investment books. They prefer books on Buffett, Graham or Philip Fisher as interesting reads. Of course, these are great works. However, they frequently forget the truth of knowledge required other than what mentioned in these guides. When read Philip Fisher’s guide ‘Common Stocks and Un-common Profits’ an investor can find the requirements of watching economic indicators to identify right buying or selling opportunity. If an investor has knowledge on stock investments but not able to identify the right buying opportunities, I can easily say his investment skills and knowledge works very hardly. In the same way, Graham told investors to read financial reports carefully to identify any big errors. If an investor doesn’t know how to read and understand the traps inside any financial reports, he would certainly jump into the traps later.
In this context, I have picked few, but essential books that would provide investors with knowledge on each and every essential area. I am not compelling anyone to buy and read all these books, but I am sure, reading of these books along with owning each of them would give you enormous thinking power, knowledge and wisdom which highly required to avoid investment mistakes in the future. Have a look:
Books on Fail proof Investment Strategies
1. Common Stocks and Uncommon Profits by Philip Fisher
2. Intelligent Investor by Benjamin Graham
3. The Battle for Investment Survival by Gerald M. Loeb *
Books on Economics Indicators that any Investor Must Know
4. How an Economy Grows and Why it Crashes by Peter D. Schiff and Andrew J. Schiff
5. Crash Proof – How to Profit from the coming Economic Collapse by Peter D. Schiff
Books on Essential Investment Analysis Knowledge and Practice
6. The Essays of Warren Buffett by Lawrence A Cunningham
7. The New Buffettology Workbook by Mary Buffett and David Clark
8. How to Smell a Rat: The Five Signs of Financial Fraud by Ken Fisher with Lara Hoffmans *
9. Financial Shenanigans by Howard Schilit
I have read all the above brilliant works and have helped me to maximum extend to build my investment skills and other required skills related to investment world. I am not willing to compel any investors to go with this books and it is entirely on their decisions. However, would like to point out that, one never going to get any better books than the above mentioned in the world.
Before ending up, I would give you a thought provoking example to understand the difference between investors who read right books and not:
“Investors who have not read and gain knowledge through such brilliant books can be considered as people who have lived in the world when there was no motor car invented. When travelled, they have managed to reach the destination by losing lots of energy and time. Investors who read right books and acquired knowledge are like those who lives in the present world. When travel, they would reach to the destination within no time using right methods.”
I am sure; these books lead you to the right strategies, knowledge and wisdom. Have a look. Decide and proceed with what you think. Do not forget to bookmark this article to visit later to find any brilliant books may add later. I would certainly update this list with books that I may find later have wonderful ideas to share with people.