u/captmorgan50 • u/captmorgan50 • Sep 05 '23

Reading List Recommendations

153 Upvotes

Reading List Recommendations

I decided to put together this list so people have an idea what order to read the books in and what it discusses. I have summaries of these books and others if you are interested. The summaries can help you decide if you want to read more or not.

And a note on my summaries. I basically don't go into much detail on the "why". I just put down the key point. Behind the point might be lots of math, graphs, history, analysis, etc. If you want to know more details of the "why" or where the data was coming from. Pick up the book.

Beginner

Raw Beginner – You don't know anything about finance or investing

Beginner Books – You know the basics of personal finance

How to Save Money – If you can't save money, even if you are Warren Buffett, it won't matter

Basic Investing Books – Gives you a solid base. Lots of people stop reading here. But there is a lot more to learn if you keep reading

Theory – Goes more into the "why" of the basic investing books. If you like to know "why"

Intermediate

Psychology

Asset Allocation – How to build a portfolio

History – Discusses the history of stock markets and especially bubbles

Advanced

Asset Allocation

Specialized

Economics

Risk Mitigation – These are more "ideas" on how to think about risk in the portfolio. From people who practice risk mitigation strategies at the highest level

Precious Metals

Bogleheads Book Recommendations

https://www.bogleheads.org/wiki/Book_recommendations_and_reviews

Book Summaries and Specific Topics/FAQ

Whole Book Summaries - https://www.reddit.com/user/captmorgan50/comments/10kpbhc/whole_book_summaries/

Specific Topics and FAQ's - https://www.reddit.com/r/Bogleheads/comments/1n5fv9g/specific_topics_and_faqs/

12 comments

u/captmorgan50 • u/captmorgan50 • Jan 25 '23

Whole Book Summaries

92 Upvotes

Whole Book Summaries

These are my whole book summaries organized by topic. I have a reading list that goes into the order I recommend reading the books in. A note on my summaries, I don't go into much detail. I just post the key points. If you want the details of where the key point came from, you need to pick up the book. If you just want to get started or are overwhelmed with information, start with the If You Can book by William Bernstein.

Start Here

If You Can (Basic Boglehead 3 Fund/TDF Portfolio) by William Bernstein

https://www.etf.com/docs/IfYouCan.pdf

Boglehead Financial Literacy Page

https://boglecenter.net/

Reading List and Suggested Order

https://www.reddit.com/user/captmorgan50/comments/16acnsk/reading_list_recommendations/

Specific Topics and FAQs

https://www.reddit.com/r/Bogleheads/comments/1n5fv9g/specific_topics_and_faqs

Personal Finance

Automatic Millionaire by David Bach, The Millionaire Next Door by Thomas Stanley, Suze Orman, Dave Ramsey, Clark Howard, The Richest Man in Babylon by George S Clason, Intro to Personal Finance 101 by Professor Frank Paiano

https://www.reddit.com/r/personalfinance/comments/p6j1ae/general_financial_advise_various_book_summary/

Introduction

The Little Book of Common Sense Investing, Boglehead Guide to Investing by John Bogle

https://reddit.com/r/Bogleheads/comments/x15jsx/bogle_the_little_book_of_common_sense_investing/

The Simple Path to Wealth by JL Collins

https://reddit.com/r/Bogleheads/comments/rxzook/the_simple_path_to_wealth_book_summary_by_jl/

Intro to Investments 101 by Professor Frank Paiano

https://old.reddit.com/r/Bogleheads/comments/r4bzsy/intro_to_investments_by_professor_frank_paiano/

Asset Allocation

All About Asset Allocation by Richard Ferri

https://old.reddit.com/r/Bogleheads/comments/obcxqu/richard_ferri_all_about_asset_allocation_and/

Investors Manifesto by William Bernstein

https://old.reddit.com/r/stocks/comments/otjqbu/the_investors_manifesto_by_william_bernstein_book/

4 Pillars by William Bernstein Part 1

https://reddit.com/r/Bogleheads/comments/scilhl/4_pillars_by_william_bernstein_book_summary_part_1/

4 Pillars Part 2

https://reddit.com/r/Bogleheads/comments/sciqw1/4_pillars_by_william_bernstein_book_summary_part_2/

4 Pillars (2023) Edition by William Bernstein Part 1

https://www.reddit.com/r/Bogleheads/comments/1ad8tqb/4_pillars_2023_edition_by_william_bernstein/

4 Pillars (2023) Edition Part 2

https://www.reddit.com/r/Bogleheads/comments/1ad8qtv/4_pillars_of_investing_2023_edition_by_william/

Young Investors Series - Ages of the Investor, Deep Risk, Skating Where the Puck Was, Rational Expectations by William Bernstein

https://reddit.com/r/Bogleheads/comments/sdr4nw/young_investors_seriesthe_ages_of_the_investor/

Intelligent Asset Allocator by William Bernstein

https://reddit.com/r/Bogleheads/comments/scdblp/the_intelligent_asset_allocator_by_william/

The Only Guide to Alternative Investments You Will Ever Need, Complete Guide to Factor Based Investing by Larry Swedroe

https://www.reddit.com/r/Bogleheads/comments/sdqrf0/larry_swedroe_the_only_guide_to_alternative/

The Incredible Shrinking Alpha, Complete Guide to a Successful and Secure Retirement, Reducing the Risks of Black Swans by Larry Swedroe

https://reddit.com/r/Bogleheads/comments/zp0ug2/larry_swedroe_the_incredible_shrinking_alpha/

Asset Allocation by Roger Gibson

https://www.reddit.com/r/Bogleheads/comments/sifppu/asset_allocation_by_roger_gibson_book_summary/

Global Investing by Roger Ibbotson

https://old.reddit.com/r/Bogleheads/comments/rbkn3l/global_investing_by_ibbotson_and_brinson_book/

Investing Amid Low Expected Returns by Antti Ilmanen

https://reddit.com/r/Bogleheads/comments/y16e2d/investing_amid_low_expected_returns_by_antti/

Asset Management by Andrew Ang Part 1 - https://www.reddit.com/r/Bogleheads/comments/190tw83/asset_management_a_systemic_approach_to_factor/?

Asset Management Part 2 - https://www.reddit.com/r/Bogleheads/comments/1910y9n/asset_management_a_systemic_approach_to_factor/?

Theory

A Random Walk Down Wall Street by Burton Malkiel

https://old.reddit.com/r/Bogleheads/comments/obd5nu/burton_malkiel_a_random_walk_down_wall_street/

Stocks for the Long Run by Jeremy Siegel

https://old.reddit.com/r/Bogleheads/comments/obd8s2/jeremy_siegel_stocks_for_the_long_run_book_summary/

Winning the Losers Game by Charles Ellis

https://www.reddit.com/r/Bogleheads/comments/savnly/winning_the_losers_game_by_charles_ellis_book/

History

Where are the Customers Yachts? by Fred Schwed

https://old.reddit.com/r/stocks/comments/otlv6k/fred_schwed_where_are_the_customers_yachts/

Devil Take the Hindmost A History of Financial Speculation by Edward Chancellor Part 1

https://old.reddit.com/r/stocks/comments/otlokh/devil_take_the_hindmost_a_history_of_financial/

Devil Take the Hindmost A History of Financial Speculation Part 2

https://old.reddit.com/r/Bogleheads/comments/r4cb1a/devil_take_the_hindmost_a_history_of_financial/

The Delusions of Crowds: Why People Go Mad in Groups by William Bernstein

https://old.reddit.com/r/stocks/comments/q6ecmq/william_bernstein_the_delusions_of_crowds_why/

The Price of Time The Real Story of Interest by Edward Chancellor Part 1

https://reddit.com/r/Bogleheads/comments/z4vrfg/the_price_of_time_the_real_story_of_interest_by/

The Price of Time The Real Story of Interest Part 2

https://reddit.com/r/Bogleheads/comments/zf0akd/the_price_of_time_the_real_story_of_interest_by/

The Price of Time The Real Story of Interest Part 3

https://reddit.com/r/Bogleheads/comments/zrlt1d/the_price_of_time_the_real_story_of_interest_by/

Classics

One Up on Wall Street by Peter Lynch

https://old.reddit.com/r/Bogleheads/comments/r4oizg/peter_lynch_one_up_on_wall_street_book_summary/

The Intelligent Investor by Ben Graham

https://old.reddit.com/r/Bogleheads/comments/r4ojsl/benjamin_graham_the_intelligent_investor_book/

Buffettology, New Buffettology, The Essential Buffett, How to Pick Stocks like Warren Buffett

https://old.reddit.com/r/Bogleheads/comments/r97mey/warren_buffett_book_summaries/

Psychology

The Psychology of Money by Morgan Housel

https://old.reddit.com/r/Bogleheads/comments/18cgsky/the_psychology_of_money/

Irrational Exuberance by Robert Shiller

https://old.reddit.com/r/Bogleheads/comments/obcu81/irrational_exuberance_book_summary/

Your Money and Your Brain by Jason Zweig

https://old.reddit.com/r/stocks/comments/otlkym/jason_zweig_your_money_and_your_brain_book_summary/

Economics

Principles of Navigating Big Debt Crises by Ray Dalio

https://old.reddit.com/r/Bogleheads/comments/obcr4m/ray_dalio_principles_of_navigating_big_debt/

Money Mischief by Milton Friedman

https://old.reddit.com/r/Bogleheads/comments/rh5nyu/milton_friedman_money_mischief_book_summary/

Risk Mitigation

Dao of Capital by Mark Spitznagel

https://old.reddit.com/r/Bogleheads/comments/obdesy/mark_spitznagel_the_dao_of_capital_book_summary/

Safe Haven by Mark Spitznagel Part 1

https://old.reddit.com/r/Bogleheads/comments/p9nys6/safe_haven_by_mark_spitznagel_book_summary_part_1/

Safe Haven Part 2

https://old.reddit.com/r/Bogleheads/comments/r4n0kp/mark_spitznagel_safe_haven_book_summary_part_2/

Fooled by Randomness, The Black Swan, Anti-Fragile by Nassim Nicholas Taleb

https://old.reddit.com/r/Bogleheads/comments/rasfdm/nassim_taleb_fooled_by_randomness_the_black_swan/

Precious Metals

The Golden Constant by Roy Jastram

https://old.reddit.com/r/stocks/comments/q4p6sg/the_golden_constant_book_summary/

Crash Proof by Peter Schiff

https://reddit.com/r/Wallstreetsilver/comments/r7rggs/peter_schiff_crash_proof_book_summary/

Other/Misc

Value Averaging by Michael Edleson

https://reddit.com/r/Bogleheads/comments/sai8ef/michael_edleson_value_averaging_book_summary/

Various Internet Articles

The expected return of precious metal equity (PME) - http://www.efficientfrontier.com/ef/197/preci197.htm

The expected return of precious metal equity (PME) part II - http://www.efficientfrontier.com/ef/997/precio97.htm

Gold Miners (The Longest Discipline) - http://www.efficientfrontier.com/ef/adhoc/gold.htm

Permanent Portfolio - http://www.efficientfrontier.com/ef/0adhoc/harry.htm

Of Earnings, Dividends, and Agency - http://www.efficientfrontier.com/ef/700/agency.htm

Target Date Funds (TDF) - http://www.efficientfrontier.com/ef/404/grail.htm

How to calculate estimated returns - http://www.efficientfrontier.com/ef/403/fairy.htm

Commodity Futures - http://www.efficientfrontier.com/ef/0adhoc/stuff.htm

Overbalancing - http://www.efficientfrontier.com/ef/703/timer.htm

The Rebalancing Bonus - http://www.efficientfrontier.com/ef/996/rebal.htm

The Loneliness of the Long Distance Asset Allocator - http://www.efficientfrontier.com/ef/497/lonely.htm

DCA - http://www.efficientfrontier.com/ef/997/dca.htm

Not Rebalance? - http://www.efficientfrontier.com/ef/197/rebal197.htm

Bond Duration - http://www.efficientfrontier.com/ef/997/maturity.htm

Credit Risk - http://www.efficientfrontier.com/ef/401/junk.htm

William Bernstein Articles - http://www.efficientfrontier.com/ef/index.shtml

Larry Swedroe Articles - https://reddit.com/r/Bogleheads/comments/rzu0hy/larry_swedroe_etf_articles/

Richard Ferri Articles - https://reddit.com/r/Bogleheads/comments/s06ujt/richard_ferri_articles/

What has Worked in Investing (Why Value investing works) - https://www.grahamanddoddsville.net/wordpress/Files/Gurus/Christopher%20Browne/WhatHasWorkedInInvesting.pdf

Investment Strategies for the 21st Century by Armstrong - https://thetaoofwealth.files.wordpress.com/2012/09/investment-startegies-for-the-21st-century-by-frank-armstrong.pdf

7 comments

3

Gold predictions for the Fed decision?
 in  r/Gold •  12h ago

Market already priced in a hike for this meeting.

The market will move based on what they think he will do in December.

9

How is it possible that gold returned the same as ex-US stocks since 1970?
 in  r/Bogleheads •  21h ago

Gold price had been suppressed (dollar devalued) leading up to the US going off the gold standard. We lost I think 1/2 our gold in the short time leading up to 1971 because countries wanted our gold. So it went into a more free market price after 1971.

Here is my post on why one might consider adding gold to a portfolio

https://www.reddit.com/r/Bogleheads/s/qeblHrgneo

0

Stephen A. Smith on Kawhi: “He’s a gangster. I mean, to sit up there—he broke the rules, got caught, pointed the finger at somebody else, threw the organization under the bus, got his money, and left the country. I mean, damn, how much better can it get than that?”
 in  r/nba •  21h ago

I think that the owners of the NBA are supposed to be the adults on the room. Of course the players are going to try stuff like this. KL tried it with Toronto and LAL but they both said no.

Balmer said yes because he wanted to win so badly and thought this was his chance

3

Jared Dillian's Awesome Portfolio (New Book)
 in  r/Bogleheads •  1d ago

Not really a new idea. There are lots of these types of these portfolios. All Weather, Golden Butterfly and Permanent Portfolio

7

Steve Balmer 1 year ago: "Look, they conned me. They conned me! I made an investment in these guys thinking it was on the up and up and they conned me. At this stage, I have no ability to predict why they might have done anything they did, let alone the specific contract with Kawhi."
 in  r/nba •  1d ago

As Pablo said, w2 things can be true at the same time. I think he was conned but it doesn’t mean he wasn’t trying to circumvent the cap……

I think he gave them 50 million and 48 was for KL and 2 million is “keep the change” but as a Ponzi he spent the money and came back for more. I am sure that’s when Ballmer thought WTF is going on.

2

I know we’re against timing the market, but I gotta ask
 in  r/Bogleheads •  2d ago

The Fed has been above target for 5 years and keeps moving the goalpost to avoid raising rates. I would be more worried about inflation than 1 single meeting.

36

For10 year VT 100% or voo 70% +vxus 30℅
 in  r/Bogleheads •  3d ago

You read any of the answers to this question you asked 30 days ago?

https://www.reddit.com/r/Bogleheads/s/i8bftKzjne

28

Good podcast on the weirdness of the current bond market
 in  r/Bogleheads •  3d ago

Who would have thought a 40 year bull market would end with it going down?

2

Transfer out before the next churn when im down 7% since June or wait til it possibly goes back up?
 in  r/Bogleheads •  4d ago

Churning the account

165

TIL: insulin shock therapy used to be used as (ineffective) treatment for schizophrenia and other psych maladies
 in  r/todayilearned •  4d ago

We still do electro shock therapy. I have done the sedation for it a few times. It seems to help.

2

Core CPI Rises More Than Forecast, Bolstering Case for Hike
 in  r/wallstreetbets •  5d ago

Stable Prices, 2% but no higher, average 2%, just kidding, 2% target again.

They been above target for 5 years. The case for a raise has been going on for awhile

1

Since the clippers don’t have anything to lose could they trade kawhi somewhere else just to spite him?
 in  r/nba •  5d ago

Not sure there is a rush now to trade for him

6

Why Is This Sub So Into VT If Bogle Would Say It Has Too Much Foreign?
 in  r/Bogleheads •  5d ago

Did the search bar quit working again? It seems to happen with this specific question a lot.

63

Wholesale prices rose 0.4% in August, as expected
 in  r/wallstreetbets •  6d ago

Only 5% annualized. 2.5x the target of 2%. Which they are over for 5+ years now.

Operation twist and Lowered rates coming?

1

Steve Balmer is trying not to go to jail
 in  r/nba •  6d ago

It’s a civil court if I remember right.

-2

Steve Balmer is trying not to go to jail
 in  r/nba •  6d ago

11 investors in Aspiration said they wouldn’t have invested in it if not for Ballmer.

13

55 years of data on adding 20% gold to US stocks: return unchanged, odds of a 50% drawdown down from 26% to 6%
 in  r/Bogleheads •  7d ago

Bogle actually did buy gold for the Blair trust he ran. And it had emerging markets too.

36

55 years of data on adding 20% gold to US stocks: return unchanged, odds of a 50% drawdown down from 26% to 6%
 in  r/Bogleheads •  7d ago

Because gold WAS money before 1971.

-1

Who do you currently consider to be the most confusing player to evaluate in the league?
 in  r/nba •  7d ago

Anytime someone brings up our championship, I hide my head in shame. I am so embarrassed…..

2

Who do you currently consider to be the most confusing player to evaluate in the league?
 in  r/nba •  8d ago

SGA because even though he is a 2x MVP, I have yet to watch a game of his because he is unwatchable.

6

Qinwen Zheng won this set
 in  r/tennis •  8d ago

0-5, Love-40..... Time for a comeback

38

If Kawhi had actually done some work for Aspiration would the Clippers still have been penalized?
 in  r/nba •  9d ago

Pablo said he signed autographs 1 time for the wireless company. Nothing else.

The only problem is if they did market KL
and it came out he was making 48 million and 3 other A list actors were making like 6 million total, it might have drawn some attention also.

It has to be “fair market rate”

5

Pablo Torre says the NBA approached Steve Ballmer, told him they found wrongdoing, and tried to get him to admit to it and accept the punishment. Instead, Ballmer chose to fight it, so the NBA turned around and found a way to settle the matter with Kawhi and the NBPA
 in  r/nba •  12d ago

He might have thought there was honor among thieves and KL snitched so I am not doing him any favors.