WSO is in the process of building reading lists for new users to be able to enjoy. What does that mean? It's your chance to weigh in!
To get an idea of what we'd like these reading lists to encompass, check out WSO's Recommended Reading for Investment Banking
As you can see this is still a work in progress, that's why we'd like to ask for your input on books that fall under the "Easy Reads", "Technical Reads", and "Career Jump-Start" categories for Investment Banking (M&A), Sales & Trading, Management Consulting, Private Equity, Hedge Funds, Equity Research, Venture Capital, Asset Management, Corporate Careers, and Entrepreneurship. (Also, please let us know what category you think it belongs under, sadly we haven't had the time to read every book on finance!)
Feel free to give us your thoughts on any book you recommend, we may include them as advice for future users!
I suggest everyone to read The Secret Lives of Marc Rich, The King of Oil by Daniel Ammann. It will change your life.
Also the Fountainhead by Ayn Rand.
Just what I've seen around the boards:
M&A- Monkey Business (already have it on the FAQ) S&T- Liar's Poker (Easy Read - actually read this book and loved it!) PE- Barbarians at the Gate Management Consulting- McKinsey Way/McKinsey Mind
Value investing: The Intelligent Investor The absolute basics: Forbes guide to the markets(easy read) Trading(fun read): The original Stock Market Wizards Mind opening book: Irrational Exuberance by Shiller For I-Banking: Investment Banking by Joshua Rosenbaum & Joshua Pearl for insight into macro hedge funds: Inside The House Of Money
good idea patrick should be very helpful
When Genius Failed
My reading list:
One Up on Wall Street The Intelligent Investor Common Stocks and Uncommon Profits Warren Buffet Letters Getting started in Value Investing The Vulture Investors Predator's Ball Traders, Guns and Money Fiasco by Frank Partnoy Cold Steel (http://www.amazon.co.uk/Cold-Steel-Multi-billion-dollar-Battle-Industry…) Barbarians at the Gate The Accidental Investment Banker King Icahn Goldman Sachs: The Culture of Success
The Accidental Investment Banker by Johnathan Knee is a pretty interesting and informative book
"Inventing Money" is a great read.
Electricity Markets: Pricing, Structures and Economics Energy Trading and Investing Liar's Poker Moneyball Monkey Business The King of Oil The New New Thing The Smartest Guys in The Room Trading Commodities and Financial Futures: A Step by Step Guide to Mastering the Markets, 3rd Trading Natural Gas Understanding Today's Electricity Business nderstanding Today's Natural Gas Business
Come Into My Training Room - Elder Alexander Liar's Poker - Michael Lewis 13 Bankers - Simon Johnson (Note: A little liberal and anti-bank for me, but quite informative) Margin Of Safety - Seth Klarman
I think this can turn into a shit show very quickly. What we need to do is build a foundation of 3-5 books per category and then work our way up if need be. Before a book gets added past the first 3-5, there needs to be a consensus between posters or strong support from qualified posters (I don't know what "qualified" means exactly, but I'll know it when I see it).
Very Quickly and off the top of my head.
Technical reads FX: Foreign Exchange: A Practical Guide to the FX Markets by Tim Weithers (http://www.amazon.com/Foreign-Exchange-Practical-Markets-Finance/dp/047…)
Mortgages: Salomon Smith Barney Guide to Mortgage-Backed and Asset-Backed Securities (http://www.amazon.com/Salomon-Barney-Mortgage-Backed-Asset-Backed-Secur…)
Commodities: Oil 101 by Morgan Downey-(http://www.amazon.com/Oil-101-Morgan-Downey/dp/0982039204/ref=sr_1_1?s=…)
Energy Trading and Investing by Edwards (http://www.amazon.com/Energy-Trading-Investing-Management-Structuring/d…)
Equities: Margin of Safety-PDFs can be found online with a little searching
Options-Options Volatility and Pricing by Natenberg
I have read at least in part all of the above technical guides. They all are relatively easy to read and and cover a lot of material in very simple language.
Classics: Liar's Poker (trading) Barbarians at the Gate (banking) All three Market Wizards (trading) Money Business When Genius Failed
Fun books about the history of Wall Street: More Money than God (history of hedge funds and what happened to some of them during key financial events) The Accidental Investment Banker (Story about Sydney Weinberg, the janitor who built Goldman Sachs) Last Man Standing (HIstory of Jamie) The Partnership (history of Goldman)
Are there multiple books by this title? I think you're confusing this with Jonathan Knee's book, which I think should absolutely be on this list.
I highly recommend you implement Gekko21's idea. All these posts makes it messy. Many many good books mentioned here. I thought I had probably read a lot already but as I reviewed some of the posts it looks like I haven't even read half the books presented here.
If anybody hasn't mentioned it yet, the book Snowball about the life of Warren Buffett is very good. Very long I think 800pgs or so, but I loved it.
Gekko- We're trying to build a strong base of books, yes, but we're doing it on a rolling basis. As we find a book that we think should be included, we add it up there. The issue is we haven't read most of the books. If you have a book or books to share with us, please give us your insights and what genre they fall under! And conversely, if you think a book is bad or doesn't deserve to be on the list, let us know!
I have read the books I listed. Have you ever seen Goldman Sachs "Recommended Reading List"---it is complete garbage because it contains every book under the sun. We needs a core group of books in categories and then maybe an honorable mention section for all the books that while good, don't deserve to be considered "core reading" We should also have someone provide a brief 3-5 sentence description of the book and why it is included in the core list.
my list should be every person who is interested in energy trading x mas list....
PE - Merchants of Debt
for fun - Bonfire of the Vanities
Banking - Too Big to Fail
the freakanomic books
the big short
Some that weren't already mentioned: Monkey Business-John Rolfe and Peter Troob Rich Dad Poor Dad- Robert T Kiyosaki A Random Walk Down Wall Street- Burton G. Malkiel Takin' Over-Lil B
Some good recent reads:
Super Freakonomics Confessions of an Economic Hit Man (not exactly IB/S&T related, but good read on global infrastructure) Liar's Poker The Big Short The Art of War Irrational Exuberance Confessions of a Wall Street Analyst The Intelligent Investor One up on Wall Street Rich Dad, Poor Dad Moneyball
If you like baseball: License to Deal
I'm going to say Cold Steel again, just as an emphasis. Can't get over how much I liked it and thought it should get some special attention. It's like a journal of the whole deal process for the Arcelor-Mittal merger. Talks about the strategies used by the takeover defense, Mittal's team etc. etc. the governments side of the story and the politics involved etc. etc. Reads like a fast paced thriller. It'll be hard to put down and won't bore you. Anyone interested in M&A should get it. Even if you aren't, I think you'll still like it.
http://www.amazon.co.uk/Cold-Steel-Multi-billion-dollar-Battle-Industry…
Anyone heard of Jesse Livermore?
Monkey Biz
Haha. Yeah, can't believe nobody recommended Reminiscences of a Stock Operator yet. It has it faults but it's definitely core reading material.
Inside the House of Money and The Invisible Hands are contenders as well.
I agree with Gekko21 as there is way to many random books being recommended here.
and besides 'The big short' and 'Monkey biz', I find 'How I caused the credit crunch' interesting, it's about a trader's life in the turbulent market.
S&T Liar's poker Reminiscences of a Stock Operator Too Big to fail When Genius Failed
IB Monkey Business Barbarians at the gates
.
Hey guys, Im happy the idea is starting to take shape, I proposed it back in january (http://www.wallstreetoasis.com/forums/books-and-phones) but I doubt I was the source of the idea.
I highly suggest that there would be a user rating with the list, in order for the books within the lists would move dynamically over time. That way there would be true “top 10” books in each section, ranked by usefulness of actual WSO members. It will also solve the "messy list" problem.
I won’t be adding any books to the list since all the ones I read that i could recommend are listed above.
Technical read: Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Wiley Finance)
by Joshua Rosenbaum, Joshua Pearl, Joseph R. Perella
I give it a 10/10
Features all of the common valuation methods and their application and also a review of the M&A process. It also includes templates (completed and non-completed) for valuation methods.
Guide to maintaining your health and sanity as an analyst in IBD:
The Four Hour Body
I love Liar's Poker, but I think the Big Short falls short. It was written in a different period after Lewis had spent a decade + working for bloomberg promoting the "agenda". It is a decent history of the MBS crisis told thru the eyes of some of the players who made the most of the situation, but I wouldn't expect it to be the Liar's Poker II that it was made out to be.
Lewis did compile a book of news articles from previous bubbles entitled Panic, which is a good read if you want to relive the memories of the asian debt crisis or LTCM blow up.
Am I the only one reading Den of Thieves?
^^^great read
Also I cant believe people are recommending Rich Dad/Poor Dad...that guy is a total con-artists who sells freakin get-rich-quick seminars. I really dont see how that is of any value to anyone, especially to people who are actually in finance.
Totally agree. See him on with suze orzman with other self-promoted finiancial experts pusing their product. I don't need a book or seminar to tell me to pay off my 50k+ credit card.
AM: hedge hogging. the big short.
ER: margin of safety. the intelligent investor.
S&T: liar's poker.
I was just going to PM monty09 and ask for a list of books. Thanks!
Just for trading: Market Wizards New Market Wizards High Probability Trading New Trading Systems and Methods Trader Vic Trading in the zone Reminiscences of as stock operator The Futures Game Technical Analysis of the financial markets Trade your way to financial freedom Trading for a living
Books I Recommend (Trading or Asset Management):
One Up on Wall Street by Peter Lynch Market Wizards Trilogy by Jack Schwager Hot Commodities by Jim Rogers The Way of the Turtle by Curtis Faith The Intelligent Investor by Benjamin Graham Mobius on Emerging Markets by Mark Mobius
Most of mine have already been mentioned, but want to add Crisis Economics by Nouriel Roubini
Also not directly finance related, but strongly recommend 48 Laws of Power by Robert Greene--probably the only book that I'm continuously re-reading
Nice
We now have 4 of our Recommended Reading sections filled out with the best basic selection of books we could find:
This is a great idea! Thanks :)
Most of the great ones have already been mentioned, i'd add Confidence Game - a fantastic book about Bill Ackman's big bet against MBIA.
New reading lists: Hedge Funds Equity Research Venture Capital
The Money Culture by Michael Lewis is a great read that covers everything he encountered in the world of 1980s finance outside of S&T (which of course is covered in Liar's)
Also, by Peter L Bernstein: 1. Capital Ideas 2. Against the Gods
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