Recommended books that must be read to learn financial investment, 43 very inspiring books for financial traders:(1) James Solowicz, "The Wisdom of Crowds"

In this book, author Soloviki shares many very interesting examples with everyone, repeatedly proving the effectiveness and high intelligence of group decision-making.

For example, British scholar Francis Galton published a paper in the journal Nature in 1907, sharing with readers a very interesting story of "villagers guessing the weight of cows".

In this real case, all the villagers who participated in guessing the weight of the cow did not guess the true weight of the cow in the end. But the median of all these people's speculations is closest to the actual weight of the cow. This real-life example of over 100 years has allowed us to appreciate the charm of the collective wisdom of "three stinky cobblers, one Zhuge Liang".

(2) Burton McGill, "Walking on Wall Street"

Any friend interested in investing should read Burton McGill's' Walking on Wall Street 'before purchasing their first stock. This book utilizes many of the "evidence-based" analytical methods that the author highly admires, and based on rigorous scientific research, draws some surprising conclusions. After watching 'Walking on Wall Street', you don't necessarily have to become a believer in the 'Walking on Random Theory', but the information and logic it contains are worth learning for every investor.

(3) Howard Marx, The Most Important Thing in Investment

The most outstanding fund managers are often also skilled writers. Buffett, Howard Maxime, George Soros, and Ray Dalio are typical examples in this regard.

Marx's book 'The Most Important Thing in Investment' is more suitable for readers with certain investment experience and knowledge. With a certain theoretical and practical foundation, you will have a deeper understanding of the investment wisdom revealed in the book.

(4) John Bogle, 'Investing for a Win'

John Bogle is my hero in my heart. In "Little Turtle Investment Book List 1", I recommended his "Mutual Fund Investment Rules". This book 'Investing for a Win' may not be as well-known as' Mutual Fund Investment Rules', but it is still written very well.

I don't know why the publishing house translated it as' guaranteed profit ', because the title of the original book is Common Sense, which means the most basic principle and never mentions the word' guaranteed profit '. This booklet is actually not long and can be read in a few hours. It is suitable for friends who are usually busy and want to quickly obtain some concise investment knowledge and advice.

(5) Benjamin Graham, The Intelligent Investor

On the Amazon website, Graham's "The Intelligent Investor" ranks 247th on the "300 best-selling books of all time" list (as of the end of 2017), with over 7 million copies sold worldwide.

Compared to Graham's other classic book, "Securities Analysis," the language of "The Intelligent Investor" is much simpler and more straightforward, without as many specialized terms, making it suitable for readers from all financial and non-financial backgrounds. This classic is worth reading repeatedly.

(6) David Duster, The Art of Asset Allocation

In the sixth section of the second chapter of my online open course "Little Turtle Asset Allocation", the importance of diversification and dispersion is at its lowest. I recommend this book to everyone. For friends interested in asset allocation, this book is very valuable.

It should be noted that 'The Art of Asset Allocation' has a certain professional threshold and is more suitable for practitioners in the financial investment industry to read.

 (7) Charles Ellis, 'The Game of Winning Losers'

Charles Ellis was once the president of the Yale Foundation and worked alongside David Swenson. His book 'The Game of Winning Losers' is suitable for readers from all financial and non-financial backgrounds. Through some very simple examples, such as playing tennis, Ellis explained the principles of trading games in the market very clearly and concisely. This book is not very long, it can be read in one or two days.

 (8) Edward Thorpe, "Conquering the Banker"

Thorpe, arguably the first generation of hedge fund managers in the United States, is the "god" in the minds of many professional fund managers.

This book 'Conquering the Banker' can be called a 'strange book'. In the book, the author and readers share how he defeated the casino (i.e. the banker) through some effective methods. In many cases, investment and gambling have similarities. If you really want to "win by surprise" in the market, then you can learn a lot of useful knowledge and ideas from the skilled "old man".

This book is more suitable for professional stock traders or full-time investment managers who make a living by trading stocks.

 (9) Andrew Berkin and Larry Swederoe, "Factor Investment Guidebook"

Smart Beta is one of the hottest financial investment topics in recent years. There are endless books about Smart Beta. This "Factor Investment Guidebook" is one of the most comprehensive and rigorous professional books written.

This book covers a wide range of professional terms and research, making it more suitable for investment industry professionals such as fund managers, sell side analysts, or fund strategy designers.

 (10) Daniel Kahneman, "Thinking, Fast and Slow"

Thinking, Fast and Slow "is a very special classic. The special feature of this book is that it contains a lot of academic content, which is actually a professional research that university professors have spent a lot of time on. But this book is written in a very easy to understand manner (of course, behavioral economics is also a relatively easy to understand discipline), so even readers without any economic/psychological background can easily understand this book. Thinking, Fast and Slow "can help you become a smarter person and is worth recommending!

(11) Dan Ariely, "Eccentric Behavior"

Dan Ariri is another accomplished professor in the field of behavioral economics. His personal life is very inspiring. In high school, due to a signal flare accident, over 70% of his body was burned.

After the burn accident, Ariri underwent unimaginable recovery training. Even ordinary writing is very painful for him. But it was under such conditions that he completed his doctoral studies, smoothly became a university professor, and published several best-selling books, including this book 'Eccentric Behavior'.

The book 'Strange Behavior' is very easy to read and can be considered a 'leisure oriented' educational book, worth reading.

 (12) David Hand, The Law of Impossible

In my article "Is it possible to draw the same Mark Six lottery number twice in a row?", I have specifically introduced Professor Hande's book "The Law of Impossibility". Statistics are everywhere in our lives. But many people, who are not very familiar with statistics, are also prone to falling into statistical traps. This book can help us gain a deeper understanding of these traps.

 (13) Robert Schiller, "Irrational Prosperity"

Professor Schiller from Yale University was awarded the Nobel Prize in Economics in 2013. Schiller's research on market irrationality can be traced back to the 1980s. This book 'Irrational Prosperity' collects many historical events of market frenzy, making it very interesting and smooth to read. For readers interested in investment, 'Irrational Prosperity' is one of the must read books.

 (14) Richard Thaler, 'Boosting'

Richard Thaler was awarded the Nobel Prize in Economics in 2017. The 'nudging group' he led was highly valued by former US President Obama and former UK Prime Minister Cameron, and put forward many implemented suggestions in the US and UK governments at that time.

Sailor has excellent writing skills and is very humorous. Therefore, even some relatively dry academic research can be demonstrated through very interesting examples in Thaler's book. If you can read in English, I strongly recommend reading his original English work, Nudge. (Of course, readers who are more accustomed to using Chinese can also read 'Boosting'.)

 (15) Richard Thaler, "Wrongful Behavior"

It's Sailor again! I won't explain much. This book 'Wrongful Conduct' is another classic by Thaler, worth reading and collecting.

(16) George Akerlof and Robert Schiller, 'Fishing'

The author of Phising for phools is two Nobel laureates in economics: George Akerlof and Robert Schiller. The two have also collaborated on other books (Animal Spirits). These two books provide a very in-depth analysis of the market and the most important components of human nature in the market.

In my opinion, no matter which field we want to excel in, a key skill is to have a deeper insight into human nature. The book by George Akerlof and Robert Schiller can help us improve our knowledge and understanding in this area, and is worth reading and thinking about.

 (17) Jeremy Siegel: The Long Term Treasure of the Stock Market

The characteristic of this book is that it is written in a very easy to understand manner. Readers do not need much financial expertise to easily understand the content of the book. Secondly, the financial data included in the book has a very long history, dating back over 200 years. After its publication, the book was well received by American readers, so several editions were reprinted.

The disadvantage of this book is that it mainly focuses on the history of the US market (later adding some historical analysis of other European countries), without a dedicated analysis of the Chinese financial market.

 (18) Frank Fabozzi: Handbook of Fixed Income Securities

The advantage of this book is that it is written in great detail and covers a wide range of topics. Especially for the valuation of fixed income securities, the book explains the entire logical chain from theory to practice very clearly. The disadvantage of this book is that it has a certain professional threshold and is not suitable for non-financial investment novices.

 (19) David Swenson: 'Success Without clich é s'

David Swenson has limited publications, but each one is a classic and definitely worth reading.

This book, 'Unconventional Success', is specifically designed for individual retail investors and contains a wealth of investment wisdom that is worth studying seriously.

 (20) Peter Bernstein: 'Enemy of Heaven'

The book 'Enemy of Heaven' lists many very interesting financial facts. Financial history can also be referred to as' human history '.

By reviewing these financial events (such as tulip mania, the South China Sea foam, etc.), you will find that although the world has changed a lot over thousands of years, human nature has not changed much. In the face of high returns, our greed knows no bounds. And in times of market crisis, fear makes us lose our most basic judgment. Only by understanding human nature can we have a deeper understanding of the market.

(21) William Bernstein: "Effective Asset Management"

William Bernstein was a prolific writer. In the field of asset allocation, this book 'Effective Asset Management' is definitely worth reading.

I once had a very interesting debate with Bernstein about active and passive investment, as well as some other investment topics. Interested friends can listen to the recorded debate (in English).

 (22) Dan Morgan: Merchants of Grain

Friends who have good English skills may consider reading the English version of the book. The characteristic of this book is that it is written in a lively and interesting way, with simple vocabulary. It is estimated that one can understand it after passing the College English Test Band 4. After reading this book, you will have a deeper understanding of world commodity trade (agricultural products).

 (23) John Bogle: Common Sense of Mutual Funds

John Bogle is not the richest fund manager in the world, but he is likely one of the greatest fund managers in the world. John Bogle changed Wall Street, the fund management industry, and the fate of billions of investors.

This book is a must read for every fund investor before purchasing any fund. After reading this book, I believe you will become a smarter and more rational citizen.

 (24) Simon Clark: The Truth About Hedge Fund Profits

There are countless books written about hedge funds. But there are very few really good ones written. The Truth about Hedge Fund Profits "is one of the few hedge fund analysis books filled with practical knowledge.

The only minor flaw of this book is that it contains a lot of technical jargon, so readers without any financial background may appear a bit lackluster. But besides that, all friends interested in hedge funds should read this book.

 (25) David Swenson: "The Innovative Path of Institutional Investment"

David Swenson is here again. This book 'The Innovative Path of Institutional Investment' is more suitable for readers with some financial backgrounds or professionals working in the financial investment industry. From a professional perspective, this book is a must read classic for all young people who aspire to enter or are already working in the asset management industry. I believe that after reading this book, you will have a deeper understanding of the asset management industry.

(26) James O'Connell, "Classic of Wall Street Stock Market Investment"

The names of many classic books don't sound very good. For example, this book 'Classic of Wall Street Stock Market Investment' is called 'What Works on Wall Street' in English, and its name makes people feel mediocre and uninterested. But in fact, this book is written very brilliantly and profoundly.

It is worth mentioning that this book is suitable for readers with certain financial investment knowledge, especially quantitative investment knowledge and experience.

 (27) Nassim Taleb, "The Black Swan"

Taleb's' Black Swan 'is one of the must read classics in the investment field. Even without professional financial work experience, readers can understand the meaning he wants to express in his book. If one has practical experience in financial markets, they will be even more impressed by the wisdom demonstrated by Taleb in his book, which often makes people feel amazed.

 (28) Dimson, Marsh, and Stenten, "A Century of Investment Returns"

This book, "A Century of Investment Returns," is a must-have for all professionals engaged in financial investment work. The data inside is very detailed and the research is rigorous. It is one of the most important reference books that I often browse, and I recommend it to everyone here.

 (29) Roger Lewinstein, "The Rescue of Wall Street"

If I were to choose a few of the best investment storybooks I have written, 'The Rescue of Wall Street' would make it into the top three. This book provides a detailed account of the true story of how the smartest group of people in the world (including two Nobel economists) suffered a disastrous defeat, resulting in investors losing billions of dollars. Even readers without any financial knowledge can understand this book. This book will refresh your understanding of Wall Street and the financial industry, and is worth recommending.

 (30) William Bernstein, "The Four Pillars of Investment"

I have read all of William Bernstein's books. Therefore, when I successfully invited Bernstein to my podcast interview program for a conversation, I was very excited. This book 'The Four Pillars of Investment' is written in a simple and easy to understand manner, suitable for all friends interested in investment to read.

(31) Michael Lewis, "The Liar's Poker Card"

The Liar's Poker Card "is Lewis' first best-selling book. Since then, Lewis has been unstoppable and has published several best-selling investment books consecutively. This book is very easy to read, humorous, but also thought-provoking, making it a classic worth recommending.

 (32) Burton McGill and Charles Ellis, "Common Sense of Investment"

Which book should financial novices start learning investment knowledge from? You can consider 'Common Sense of Investment'.

In my opinion, the mistake of many investors is not that they have not read books, but that they have read the wrong investment books, leading them astray from the beginning. The book 'Common Sense of Investment' can help us establish a correct investment concept from a blank sheet of paper, so it is worth recommending to investment novices.

 (33) Charlie Munger, The Poor Charlie Codex

Buffett and Charlie Munger, who are nearly 200 years old together, have endless wisdom for us to learn from. Compared to Buffett, Charlie Munger doesn't say much or write much, but his depth of wisdom may not be inferior to Buffett's. If you have a certain age and experience, you will have a deeper understanding when reading this book 'Poor Charlie's Handbook' again.

 (34) Joel Greenblatt, "Stock Market Rises"

Greenblatt is one of the few successful individuals in both academia and investment. His book 'Stock Market Returns' is short in length (can be read in a day), but its investment wisdom is profound and highly condensed. I don't really like the translated name of this book (Stock market is guaranteed, making people feel like it's easy to make money in the stock market). But apart from the poor name translation, the content in this book is worth learning repeatedly. This book is suitable for readers with certain investment knowledge and experience.

 (35) Charles Ellis, The Goldman Empire

When it comes to Goldman Sachs, many people's first impression may be: high salary, elite, mysterious, and dominant. But what little-known history does Goldman Sachs have? How is the company culture established? What are the differences and competitive advantages of Goldman Sachs compared to other Wall Street investment banks? Charles Ellis' book 'The Goldman Empire' can help us gain a deeper understanding of this century old shop where elites gather.

(36) Roger Lewinstein, The Buffett Saga

The genius of Lewinstein lies in his ability to write fascinating historical events and biographies that are irresistible. The author once recommended "Saving Wall Street" written by Lewinstein in the "Little Turtle Investment Book List".

This book, "The Biography of Buffett," is a must read classic for all value investors and stock investors interested in stock trading.

 (37) Peter Lynch, "Peter Lynch's Successful Investing"

Peter Lynch may be one of the most famous public fund managers in the United States. His investment success in the Fidelity Magellan Fund is unmatched by few others. Peter Lynch's investment methods, especially how to find potential stocks (Ten Bagger) that can rise tenfold, are highly praised by investors around the world.

This book is more suitable for readers who are interested in stock trading.

 (38) Edwin Lafayette, "Memoirs of a Stock Master"

The Memoirs of a Stock Master "is probably one of the most recommended books by most hedge fund managers around the world. The main reason for this is that the life experience of the protagonist Jesse Livermore in the story is too legendary, so we can learn too much from it.

This is an autobiographical novel that readers without a financial background can easily understand.

 (39) Thomas Stanley and William Danco, "The Millionaire Next Door"

Many readers dream of becoming millions or even billionaires. But not everyone is clear about what kind of people are truly wealthy and what this means. This book can help us answer these questions and bring some new insights and reflections.

 (40) Joel Greenblatt, "The Big Secret of Small Investors"

Joel Greenblatt is one of my favorite book authors. In the "Little Turtle Investment Book List" series, I once recommended his book "Stock Market Earn Money". This book 'The Big Secret of Small Investors' is another classic by Greenblatt.

This book is more suitable for financial professionals or professional investors with certain investment knowledge and experience to read.

(41) Liayet Ahmed, "The King of Finance"

Historical and biographical financial books have always been my favorite type of book. The biggest impression that this book 'The King of Finance' gives people is that the times are changing and technology is advancing, but the pursuit of profit, greed, and fear in human nature will never change. Taking history as a mirror, this book can provide us with many useful insights.

 (42) Mohamed El Erian, "The Age of Negative Interest Rates"

Mohamed El Erian was once the CEO of Pacific Investments, an American fund company. In this book, El Erian puts forward ten major problems facing the world after the 2008 financial crisis: low growth, high unemployment, great disparity between rich and poor, trust crisis, government paralysis, restructuring of the world competition pattern, immigration crisis, financial risks, asset price foam, and political instability.

Of course, with so many questions, each one is very complex. Even if one of the problems needs to be solved, it is very tricky and requires the full cooperation of the international community. Therefore, it is difficult for this book to provide a specific actionable suggestion. But through this book, readers can gain a preliminary understanding of the challenges faced by governments around the world and possible response measures.

 (43)Roger Lewinstein, Origins of the Crash

Lewinstein is one of my favorite financial writers. I have previously recommended "The Buffett Saga" and "Saving Wall Street" written by Lewinstein. This Origins of the Crash is another classic work by Lewinstein. In the book, he recorded many valuable insights and analyzed in detail why the United States experienced a stock market crash in 2000/2001.

After reading this book, there is a very obvious feeling that greed is always a part of human nature. The executives of large companies never stop pursuing more power and wealth. This is also one of the important reasons why we keep seeing repeated crises.