In all the industries and fields I have known throughout my life, I have never seen a truly knowledgeable person who has not been consistently reading - never, "said Charlie Munger, Vice Chairman of Berkshire Hathaway. Therefore, Business Insider has selected 27 classic European and American books in the financial industry for reference in learning and work.

These books have repeatedly appeared on the recommendation list of professional investors, including classics such as "Memoirs of Stock Traders" that introduce important investment principles; There are also works such as' The Courage to Act 'that analyze the insider information of serious financial crises in modern history. The topics involved are all encompassing and worth reading for every business person, in order to construct their own cognitive system of the business world and gain a glimpse into the essence of its operation.

1、The Intelligent Investor "by Benjamin Graham

Benjamin Graham, the greatest investment advisor of the 20th century, gave the world knowledge and inspiration on how to become a 'smart investor'.

The concept of "value investing" proposed by Graham in this book has helped many investors avoid "one misstep becoming eternal hatred" and taught them to develop long-term strategies. Since its first publication in 1949, this book has been the Bible of the stock market

2、How to Choose Growth Stocks "by Philip Fisher

The highly respected Philip Fisher is also one of the most influential investors in history.

Although his investment philosophy has been proposed for almost 40 years, it is still a concept researched and applied by many financial and investment professionals today, and this book "How to Choose Growth Stocks" is also regarded as a standard by many people

3、John Burr Williams, Investment Value Theory

In 1937, Williams completed his doctoral thesis at Harvard, which was later edited into a book and published the following year. Peter Bernstein, whom we are familiar with, mentioned "The Theory of Investment Value" several times in his 1992 book "The Capital Concept".

The book remains attractive and influential today, thanks to its most authoritative research on valuing financial assets.

As Peter said, Williams combines novel theories and concepts with thought-provoking yet entertaining comments, all based on his personal experiences in the investment industry

4、Irrational Prosperity "by Robert Shiller

In 2009, Robert Shiller published a book on behavioral economics and market volatility with great foresight. As his preface asserts, the irrational exuberance of the stock and real estate markets has been put to an end by an economic crisis similar to the Great Depression of the 1930s.

Both ordinary people and professional investors have been indifferent to this foam economy. In the process of struggling from this ruins, the sharp insights presented in this book 'Irrational Prosperity', the sobering warnings of the world, and the ironclad facts are more valuable than ever before

5、Peter Lynch's Successful Investment "by Peter Lynch

Peter Lynch, the most successful fund manager in the United States, tells in his book "Peter Lynch's Successful Investing" how ordinary investors can use their knowledge to do better than professional investors. According to Lynch, investment opportunities are everywhere.

From supermarkets to companies, we encounter various products and services every day. As long as we pay attention to which company has the best quality, we can invest in them before professional analysts discover them.

If investors invest early, they can receive "tenfold shares," which means they will appreciate tenfold on the basis of their initial investment

6、The Enemy of Heaven "by Peter Bernstein

'Enemy of Heaven' uniquely explores the role of risk in society. Peter Bernstein believes that the idea of placing risk within a controllable range is one of the central ideas that distinguishes modern times from the distant past.

This book records a famous intellectual movement in history that utilized powerful risk management tools, which are still in use today. It liberated humanity from the hands of oracles and fortune tellers

7、Memoirs of Stock Trader Edwin Raphael

Since its first publication in 1923, "Memoirs of a Stock Trader" has become the most widely read and recommended investment book in history.

Generations of readers have found that the book not only introduces the author's years of experience, but also teaches them to understand the market and human nature.

This timeless memoir can not only make money in your investment portfolio, but also enrich your life

8、The Alchemy of Finance "by George Soros

Without a doubt, George Soros is one of the most powerful and profitable investors in the world today. He is referred to as the "man who changed the market" by Business Week in the United States, and made a fortune during the speculative wave of selling the pound in 1993. His active presence can still be seen in the world financial industry today.

In the special edition of the classic investment book "The Alchemy of Finance," Soros presents readers with theoretical explanations and practical reasons for the current trends in financial development, and proposes a new paradigm for readers to understand today's financial markets.

This version has revised and expanded the introduction section, detailing Soros' innovative investment behavior and his views on the world order

9、Securities Analysis by Benjamin Graham/David Dodd

First published in 1934 and reprinted five times, the book sold over one million copies. It provided investors of all periods with Benjamin Graham and David Dodd's timeless ideas and techniques in value investing.

Benjamin, who is considered the "father of value investing," proposed these theories and viewpoints 75 years ago, but they still hold significant importance today and have withstood the test of time in different market environments, countries, and asset classes.

10、Frank J. Fabozzi, Fixed Income Securities Handbook

For decades, the Fixed Income Securities Handbook has been the most trusted fixed income securities investment book in the world.

However, since the previous version was released, the financial market has experienced several major turbulence, creating enormous and new opportunities and risks.

The newly revised and extensively expanded eighth edition includes 31 new chapters that will introduce you to the latest products, analytical tools, methodologies, and strategies for identifying the potential of fixed income securities and turning them into capital, with the aim of increasing returns

11、The Valuation of Damodaran by Aesworth Damodaran

To become a successful CEO, corporate strategist, or analyst, one must first understand the mechanism of valuation. The second version of this book answers many key questions about valuation and has become one of the most trusted books in this area.

The newly revised and upgraded second version is an ideal book for CEOs and corporate strategists to study valuation. Readers will recognize the vitality of current valuation models and use this to stimulate thinking on how to respond to the future

12、Common Sense of Mutual Funds "by John Bogle

Since the publication of 'Common Sense of Mutual Funds' in 1999, many things have changed. Now, in the newly upgraded second edition, Bogle has returned to a critical review of the fund industry and helped investors make the right decisions among a large number of investment choices.

The book succinctly and directly explains the basic principles of mutual fund investment in today's chaotic market environment, and provides readers with timeless advice on building investment portfolios.

In the book, Bogle demonstrates step by step how simple common sense can outperform expensive and complex plans, and how low-cost, broad, and diversified investment portfolios can outperform the advice of the vast majority of Wall Street professionals in the long run

13、Thinking, Fast and Slow "by Daniel Connerman

In the globally bestselling book "Thinking, Fast and Slow," the respected psychologist and Nobel laureate in economics, Daniel Connerman, takes us on a pioneering journey of thought and explains the two systems that control our way of thinking: one is responsive, relying on intuition and intuition; the other is slower, relying on caution and logic.

What problems can overconfidence bring when formulating corporate strategy? How difficult is it to predict what will make us happy and joyful in the future? What profound impact can cognitive biases have on us in various aspects? People will only know the answers to these questions after understanding how these two systems shape our judgment and decision-making.

14、Walking on Wall Street "by Burton Malkiel

After the outbreak of the financial crisis, readers from all over the world became even more eager to use Burton G. Markier's book to guide them in investment - it is both soothing and authoritative, full of practical knowledge, and a perennial bestseller list.

This book is considered the first book to buy and learn when building an investment portfolio, and has currently sold 1.5 million copies. In addition to discussing various investment opportunities, it also includes discussions on the Great Depression and global credit crisis, as well as further attention to the long-term potential of emerging markets.

In addition to its classic lifecycle investment guide, the book also includes new sections that teach readers how to deal with increasingly complex derivative instruments

15、Warren Buffett's Letter to Shareholders

Using different themes to classify Buffett's numerous lengthy works, Cunningham's classic book uses Buffett's over 700 page letters as raw materials to transform into a carefully crafted narrative book, "Buffett's Letter to Shareholders," which outlines Buffett's principles and logic regarding business, investment, and life philosophy.

Buffett's wish for Cunningham to "promote" his works has been fulfilled. People know that Buffett has said many valuable words, but the novelty of this book, first published in 1997, lies in its presentation of a series of principles and their relationships. And pointed out a major discovery: Buffett's philosophy revolves around a core concept, which is the huge difference between price and value

16、The Great Madness: Extraordinary Mass Fantasy and Mass Madness "by Charles McKee

"The Great Madness: Extraordinary Popular Fantasy and Mass Madness" investigated the public psychology and explored three major hoaxes in history from a thought-provoking and interesting perspective: the Dutch "Tulip Crazy", the British "South China Sea foam" and the French "Mississippi Plot".

Greed fueled these raging fires, and innocence became the food for these viruses. And these scams that deviate from the right path not only teach investors, but also students who study history, psychology, and human nature

17、Madness, Fear, and Collapse "by Charles P. Kinderberg

The highly anticipated sixth edition of 'Madness, Fear, and Collapse' has been revised to include an in-depth analysis of the first global economic crisis of the 21st century. The book's explanations of the development of the crisis, the frenzy of public speculation, and the story of Lehman Brothers are both professional and interesting, and have always been praised as a 'timely and timeless true classic'

18、The Barbarians at the Door "by Brian Burrell and John Hilliard

As the top selling book on the New York Times bestseller list and perhaps the most exciting business war documentary of all time, 'The Barbarian at the Door' is a classic record of the battle for RJR Nabisco in the United States.

This enduring masterpiece by Brian Burrell and John Hilliard now features a postscript to their new work, vividly showcasing the greed and fickleness displayed in this famous business war 20 years ago to readers.

The Los Angeles Times called this book the "best book," while the Chicago Tribune praised it as "difficult to come up with a better story or narrative than this. In this era of severe business collapse and federal government bailout, the story told in this book still serves as a valuable warning and is worth remembering

19、The Courage to Act "by Ben Bernanke

Colleagues from the Federal Reserve and the US Treasury Department, along with two US presidents, withstood criticism and pressure from Congress that was difficult to please and the public angered by Wall Street, successfully stabilizing the shaky financial system in the United States. With creativity and decisiveness, they prevented an unimaginable economic collapse and went on to develop unconventional projects to help revive the US economy, while also hoping that these projects could become models for other countries to learn from.

The book "The Courage to Act" provides a detailed introduction to the decision-making process of the White House and vividly portrays the important participants in this crisis. It elaborates and explains the most severe financial crisis and economic recession in the United States since the Great Depression, and explains the government's policy response from the perspective of insiders

20、James Montier's Handbook of Behavioral Investment

Among the many behavioral characteristics that can cause investors to lose or profit less than expected, prejudice, sensitivity, and overconfidence are just three of them. Behavioral finance, which holds that every investor is influenced by some psychological factor when making investment decisions, can help you overcome obstacles.

In his book "Handbook of Behavioral Investment," Montier interprets the most common psychological barriers among investors, clearly demonstrating how emotions, overconfidence, and numerous other behavioral traits influence investment decisions

21、Andrew Ross Sorkin in 'Big but Not Down'

Big But Don't Fall "is one of the most gripping financial documentary masterpieces in decades. In this book, Andrew Ross Sorkin, a columnist for The New York Times and one of the most respected financial journalists of the century, uses extremely detailed and authoritative first-hand information to tell readers about the economic crisis that pushed the world to the brink of collapse.

With his contacts with important figures in the financial crisis, Sorkin reproduced the drama and chaos of these turbulent days, revealing undisclosed details and detailing how the most powerful, greedy, fearful, and self interested individuals in the financial and political world determined the fate of the world economy

22、Roger Lewinstein from 'Saving Wall Street'

In this business classic 'Saving Wall Street', Roger Lewinstein captures the thrilling scene of long-term capital management companies riding a roller coaster.

With the help of confidential internal memos and interviews with dozens of core participants, Lewinstein not only explained to readers how funds make profits and losses, but also elaborated on how factors such as the character of company members and Wall Street's own culture can "carry a boat, but also capsize a boat" for a company

23、The Liar's Poker "by Michael Lewis

The story takes place on Wall Street in the 1980s, and the game is called 'Liar's Poker'. Michael Lewis had just graduated from Princeton and the London School of Economics and started working at Solomon Brothers, a leading investment bank at the time. In the following three years, he rose from an ordinary trainee to a bond salesperson, bringing in millions of dollars in revenue for the company and staging a modern gold rush.

The 'Liar's Poker Card' is a reflection of these exciting and crazy times, as well as the unique and turbulent period of American business. From the brotherhood in the trading room on the 41st floor to making ambitious young people willing to bet everything on a high-risk game full of bravado and deception, in this "Liar's Poker" book, you will be able to read Lewis' insights on this unprecedented era of greed, overeating, and astonishing wealth

24、Jeremy Siegel's Long Term Treasure in the Stock Market

Since the publication of the previous edition of 'The Long Term Treasure of the Stock Market', many things have changed. Including the economic crisis, the deepest bear market since the Great Depression, and the sustained growth of emerging markets, they are just a part of the occasional events that affect every investment portfolio in the world.

In order to help you navigate the market and make the best investment decisions, the new version of "Stock Market Long Term Treasure" answers all current hot questions, and Jeremy Siegel has updated his best-selling stock market investment guide

25、The Black Swan "by Nassim Nicholas Taleb

Black swan events refer to events, whether positive or negative, that were once considered impossible but would have significant consequences if they occurred. In the groundbreaking and forward-looking book "Black Swan," Taleber tells us in an interesting way that black swan events can explain almost everything about the world, yet we, especially experts, often turn a blind eye to these events

26、The Thief's Nest "by James B. Stuart

The bestselling book chart champion that swept across the United States, 'The Thief's Nest' tells us the complete story of the insider trading scandal that almost destroyed Wall Street: who made it public and the relentless efforts to ultimately bring them to justice. Pulitzer Prize winner James B. Stewart first tells us the stories of the four great kings of Wall Street in the 1980s: Michael Milken, Ivan Bosky, Martin Siegel, and Dennis Levin.

They formed the largest insider trading network in financial history and almost embezzled billions of dollars until a suppressed detective team defeated a group of America's most expensive law firms and brought these four great treasures to justice

27、he Fix "by Liam Vaughn and Gavin Finch

Based on hundreds or thousands of interviews with participants in the event, the author uses this documentary work to unveil the veil of the global economic center: during the financial crisis, Tom Hayes and his network of traders and brokers at top Wall Street financial firms decide to plot a shocking financial conspiracy.

And without the persistence of those American lower class investigators, they are likely to escape sanctions. Two commendable Bloomberg journalists have exposed the greed and self-interest of investors involved in the Libor banking scandal to the public, which deserves deep reflection from every reader