American Hedge Fund billionaire Bill Ackman is a learning machine.
"You can learn investing by reading books."
Here are his 9 favorite investing books everyone should read:
1. Security Analysis
This book is a valuation masterclass.
"The stock market is a voting machine in the short run and a weighing machine in the long run."
2. Quality of Earnings
This book shows the importance of examining a company's financial statements and earnings to determine their true quality and reliability
3. Beating the Street
In this book Peter Lynch emphasizes the idea that individual investors can achieve market-beating returns by investing in companies they understand and believe in
4. The Intelligent Investor
In the end, all intelligent investing is value investing.
The Intelligent Investor teaches investors to approach the stock market with a focus on long-term, rational, and conservative strategies.
5. The Essays of Warren Buffett
Are you a fan of Warren Buffett? Then you should read this book.
This book tells you exactly how Buffett has built his empire.
6. Margin of Safety
Investors are all too often lured by the prospect of instant millions and fall prey to the many fads of Wall Street.
Don't be like this. Act like an investor and not as a speculator.
7. You can be a Stock Market Genius
Joel Greenblatt is a great teacher and investor.
This book offers a practical guide to investing in the stock market.
8. The Warren Buffett Way
This book breaks down Warren Buffett's investment philosophy.
It's a helpful book for those who want to invest in a sound and rational way.
9. One Up On Wall Street
This is one of my favorite investment books ever.
"One Up on Wall Street" focuses on helping regular investors defeat Wall Street professionals, who are skilled and highly paid.
That's it for today.
If you liked this, you'll love a PDF I compiled with more than 200 pages of Bill Ackman's wisdom.
• Warren Buffett
• Peter Lynch
• Terry Smith
• Joel Greenblatt
• Benjamin Graham
• Li Lu
• John Templeton
• Mohnish Pabrai
• Jack Bogle
• Rakesh Jhunjhunwala
• Charlie Munger
1 important lesson from each:
Rule No. 1 is never lose money. Rule No. 2 is never forget Rule No. 1.
- Warren Buffett
If you invest $1,000 in a stock, all you can lose is $1,000, but you stand to gain $10,000 or even $50,000 over time if you're patient.
""Spend each day trying to be a little wiser than you were when you woke up. Day by day, and at the end of the day, if you live long enough ... you will get out of life what you deserve."
Here are 10 things I learned from him:
"It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent."
- Charlie Munger
"In my whole life, I have known no wise people who didn't read all the time – none, zero."